Stock Chart M

Posted by downtowntrader | 9/14/2008 10:03:00 PM | 0 comments »

Stock Chart Analysis M

Macy's, Inc. (Public, NYSE:M)

M broke down in June after a perfect short setup. It had broken through support and gave a nice retest into the 20 sma where it failed. I could swear that I had blogged about it, and I know I ended up taking it, but I couldn't find it after searching for it.

Either way, it ended up dropping well over 25% and has steadily been climbing it's way back up to the breakdown area. It already failed it's first attempt at hurdling past resistance, and appears that it may be failing again. Additionally, the 200 sma has caught up to price, and it could offer up some additional resistance. If it rolls over, there is a chance it goes all the way back down to retest the July low, or even go past it.

Unfortunately, it appears we are set for a huge gap lower tomorrow morning on news that the LEH deal may of fallen through, so there may not be a good entry on M tomorrow. However, I will be on watch just in case there is a reasonable entry available.

Good Trading,


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