Macy's Set to Possibly Pullback After Yesterday's Rally of 2.69%
Macy's (NYSE:M) traded in a range yesterday that spanned from a low of $32.32 to a high of $33.42. Yesterday, the shares gained 2.7%, which took the trading range above the 3-day high of $32.83 on volume of 3.9 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
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.
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 11% above that low price at $33.24 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%.
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