November 12 Chart of the Day - Macy's
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Macy's (M) will report its third quarter 2024 sales and earnings results on Tuesday, November 26 before market open.
Chairman and CEO Tony Spring took over in February of this year. Facing declining sales and falling share price he's announced “A Bold New Chapter,” an initiative to turn the company around and "create a more modern Macy’s."
Yada yada yada...
Let's just review their chart from a price action technical analysis perspective.
We have featured over 300+ Charts of the Day since May 2023 and teach Price Action Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
On the monthly chart we can see that since setting its $73.61 all time high (ATH) back in 2015 price fell dramatically during the next 5 years setting a definitive bottom at $4.38.
Since then, price has been making a series of higher lows and higher highs /aka/ an uptrend.
Weekly Chart
On the weekly chart we can see with much more clarity the fall and subsequent rise from the $4.38 area.
Price made it back up to the $37 area before being firmly rejected by previous support and resistance as well as a bear impulse Fibonacci reversal zone.
Now, seemingly with a decision to make with potential support down below and potential overhead resistance price may continue to power back up through it or it could continue fading back to the downside.
While it's not the last chance for the Macy's bulls they really don't need to see price fall below the $10.50 area.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
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
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
ChartPros Highly Rated Trade Room - Open House
Get a FREE Course and FREE Access for the next 14 days!
