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Possible Bullish Inside Day Candle Pattern Detected for Macy'S Inc (NYSE:M)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Macy'S Inc (NYSE:M) based on the price action in the company's shares. Yesterday's price range of $28.46 and $28.89 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Macy'S Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Macy'S Inc share prices have moved between a 52-week high of $45.41 and a 52-week low of $17.41 and closed yesterday at 65% above that low price at $28.74 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 1.4%.

Macy'S Inc (NYSE:M) has potential upside of 5.7% based on a current price of $28.74 and analysts' consensus price target of $30.39. The stock should find initial resistance at its 50-day moving average (MA) of $42.24 and further resistance at its 200-day MA of $46.79.

Macy's, Inc. operates department stores in the United States. The Company also operates direct mail catalog and electronic commerce subsidiaries. Macy's retail stores sell a wide range of merchandise, including men, women, and children apparel and accessories, cosmetics, home furnishings, and other consumer goods.

SmarTrend recommended that subscribers consider buying shares of Macy'S Inc on February 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.13. Since that recommendation, shares of Macy'S Inc have risen 8.2%. We continue to monitor M for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle macy's inc

Ticker(s): M