Macy’s has seen a sharp correction after hitting highs close to $38 last week. GoNoGo Trend has paled to aqua “Go” bars as price has fallen to levels that could be support. The GoNoGo Oscillator has hit the zero line on heavy volume as well due to the sell off. We will watch to see if the GoNoGo Oscillator finds support at the zero line as it should if this “Go” trend is to remain in place. If it rallies into positive territory we will see a Go Trend Continuation green circle appear under the price bar and expect price to climb higher. Today is Black Friday and the biggest sales day of the year. Will the retailer rebound?
By
Alex Cole
