Macy's "M" Long, bouncing off fib retracement today.
Updated
Sector rotation out of tech and into laggards started on Aug. 4/6, and beginning of Macy's uptrend. After a very strong week, we've seen some pullback yesterday and today. However, there was a bounce at ~$6.80 a share today at the 50% Fibonacci retracement level. I expect this to continue to rise over the next few days and weeks into the $9-$10 range retesting the June highs. Some support above the 50 MA. Also see a hammer candlestick pattern forming today.
Note
Stock dropped further, but looks like it is potentially seeing support off the .618 Fibonacci Retracement level. Obviously, if it drops beyond this, may be a reversal. However, I expect it to rebound off this level, but will be watching closely over the next couple of days.Note
Bounce off .786 retracement level. Looking for it to continue upwards.
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