Brick-and-mortar retailer Macy’s, Inc. traded nearly 61 million shares during Thursday’s earnings-fueled advance, closing at a nine-day high while posting the heaviest one-day volume in its 25-year public history. Taken in context with long-term Fibonacci retracement targets and deeply oversold monthly relative strength readings, the stock may have posted a major bottom that will reward long-suffering shareholders into 2018 and beyond.
The uptick could signal a broader turnaround for the beaten-down retail sector, which is reeling from endless bear raids generated by market share losses to Amazon.com, Inc. and other internet juggernauts. Unusual buying pressure also suggests unexpectedly strong results for mall anchors and big box stores during this year’s closely watched holiday season. Even so, market players should apply aggressive risk management strategies to avoid getting caught in inevitable downdrafts. (See also: Macy’s Shares Surge on Holiday Quarter Outlook.)
Macy’s posted its highest volume trading day in 25 years at a long-term Fibonacci target, raising odds for a multi-year bottom. …read more
Read more here: Macy’s Stock Could Reward Bottom Fishers
Category: M, AMZN