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Possible Bearish Inside Day Candle Pattern Detected for Macy'S Inc (:M)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Macy'S Inc (:M) based on the price action in the company's shares. Yesterday's price range of $16.50 and $16.92 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Macy'S Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Macy'S Inc has overhead space with shares priced $16.74, or 44.7% below the average consensus analyst price target of $30.29. The stock should find resistance at its 200-day moving average (MA) of $18.21, as well as support at its 50-day MA of $16.56.

Macy's, Inc. operates department stores in the United States. The Company also operates direct mail catalog and electronic commerce subsidiaries. Macy's retail stores sell a wide range of merchandise, including men, women, and children apparel and accessories, cosmetics, home furnishings, and other consumer goods.

In the past 52 weeks, shares of Macy'S Inc have traded between a low of $14.11 and a high of $26.33 and closed yesterday at $16.74, which is 19% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 0.6%.

SmarTrend is tracking the current trend status for Macy'S Inc and will alert subscribers who have M in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle :m macy's inc

Ticker(s): M