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Next Resistance Level for Macy's (M) is $29.78

By Amy Schwartz

Shares of Macy's (NYSE:M) opened today above their pivot of $29.12 and have already reached the first level of resistance at $29.43. Investors may be interested in a cross of the next upside pivot targets of $29.78 and $30.44.

Macy's share prices have moved between a 52-week high of $73.61 and a 52-week low of $27.72 and are now trading 8% above that low price at $29.98 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%.

Macy's has overhead space with shares priced $29.98, or 14.5% below the average consensus analyst price target of $35.05. The stock should find initial resistance at its 50-day moving average (MA) of $42.24 and further resistance at its 200-day MA of $46.79.

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: pivot alerts macy's

Ticker(s): M