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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Macy's (NYSE:M) based on the price action in the company's shares. Yesterday's price range of $39.62 and $40.15 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 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. 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's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods.

Macy's share prices have moved between a 52-week high of $73.61 and a 52-week low of $34.05 and closed yesterday at 17% above that low price at $39.91 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has remained constant.

There is potential upside of 18.3% for shares of Macy's based on a current price of $39.91 and an average consensus analyst price target of $47.20. The stock should run into initial resistance at its 50-day moving average (MA) of $42.44 and subsequent resistance at its 200-day MA of $47.46.

SmarTrend is tracking the current trend status for Macy's and will alert subscribers who have M in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle macy's

Ticker(s): M