After Yesterday's Rally of 2.27% Shares Could Potentially Pullback
Macy's (NYSE:M) traded in a range yesterday that spanned from a low of $36.57 to a high of $37.39. Yesterday, the shares gained 2.3%, which took the trading range above the 3-day high of $37.23 on volume of 2.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Macy's share prices have moved between a 52-week high of $73.61 and a 52-week low of $29.94 and are now trading 25% above that low price at $37.33 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%.
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: rebounders macy's