Macy’s or M in the New York Stock Exchange is a chain of department stores around the US which sells clothing, footwear, bedding, furniture, jewelry, cosmetics and housewares. Aside from that, they also sell a range of merchandise on the internet. By the way, they own Bloomingdale’s as well. Yesterday, they reported a net income of $147 million for the 2nd leg of this year compared to $7 million during the same period a year ago. Despite the global sell-off yesterday, its stock price gained 5.88% to $20.52 because of the more than expected profit report.
Chart-wise, Macy’s stocks have passed above the $20.35 resistance during yesterday’s trading session (indicated by the red circle) and could now head to the next resistance at $22.31. If the $22.31 price mark gets cleared out, the next resistance could be $25.25. On the downside, the $20.00 psychological area could act as a significant support. If the stocks drop further that level, the next support could be the 17-month uptrend.