Macy's Stock Could Head Lower
| Nov 11, 2021 04:29AM ET
If we look at Macy’s (NYSE:M) weekly chart, we can see the rise from the $30.30 support level on Nov. 5 and a move towards $32 where it topped and then gradually started to fade, unable to form any support along the way. Its last traded price was $29.84, with overhead resistance at $30.30.
Today we could expect a move further down, below the $29 price range. If, however, it manages to hold at the current price range of $29.84, then a case can be made for moving towards the $30.30 level.
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