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Macy'S Inc (M) Approaches New Downside Target of $28.20

By David Diaz

Shares of Macy'S Inc (NYSE:M) opened today below their pivot of $29.65 and have already reached the first level of support at $29.01. Analysts will be watching for a cross of the next downside pivot targets of $28.20 and $26.75.

Macy'S Inc has overhead space with shares priced $28.88, or 5.0% below the average consensus analyst price target of $30.39. Macy'S Inc shares should first meet resistance at the 50-day moving average (MA) of $42.24 and find additional resistance at the 200-day MA of $46.79.

In the past 52 weeks, shares of Macy'S Inc have traded between a low of $17.41 and a high of $45.41 and are now at $28.88, which is 66% above that low price. The 200-day and 50-day moving averages have moved 1.4% lower and 0.49% lower over the past week, respectively.

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 14.1%. We continue to monitor M for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: pivot alerts macy's inc

Ticker(s): M