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Look for Shares of Macy's to Potentially Rebound after Yesterday's 2.57% Sell Off

By James Quinn

Macy's (NYSE:M) traded in a range yesterday that spanned from a low of $29.72 to a high of $30.59. Yesterday, the shares fell 2.6%, which took the trading range below the 3-day low of $29.75 on volume of 2.9 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Macy's share prices have moved between a 52-week high of $73.61 and a 52-week low of $28.55 and are now trading 4% above that low price at $29.82 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

Ticker(s): M