August 22 Chart of the Day - Macy's
In its Q2 earnings report, the company highlighted a decline in credit card revenues, "which were negatively impacted by an increased rate of delinquencies across all stages of aged balances within the portfolio."
Yet another retail giant took a cautious outlook on consumers.
Yada yada yada so the story goes...
And down went the stock price.
After hitting a COVID low of $4.38 back in 2020 the stock climbed up to $37.95 in November 2022 before falling back down to its current price of $13.15.
How much lower could it go? Well, it can only go to zero as they say.
$10.50 - $11.50 area on the weekly chart represents the "last chance for the Macy bulls" unless price wants to see single digits again.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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