After Yesterday's Rally of 1.67% Shares Could Potentially Pullback
Macy's (NYSE:M) traded in a range yesterday that spanned from a low of $35.48 to a high of $36.07. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $35.80 on volume of 3.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Macy's has traded in a range of $29.94 to $73.61 and is now at $35.52, 19% above that low. The 200-day and 50-day moving averages have moved 1.4% lower and 0.49% lower over the past week, respectively.
SmarTrend is monitoring the recent change of momentum in Macy's. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Macy's in search of a potential trend change.
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