The question is which direction?
Overall pattern is a bearish megaphone (Green lines)
Broke out of a 8 month consolidation (Purple line)
Now trading in a Bullish flag ( yellow lines)
Usually a breakout of consolidation would bring about a retest of that consolidation area. That retest would mean Macy doesnt break out of the bull flag tomorrow but falls back to support around 20.10.
Volume was average today but with Retail sales info coming out tomorrow that could be q catalyst for a breakout To fib resistance
1. 21.85
2.23.76
Overall pattern is a bearish megaphone (Green lines)
Broke out of a 8 month consolidation (Purple line)
Now trading in a Bullish flag ( yellow lines)
Usually a breakout of consolidation would bring about a retest of that consolidation area. That retest would mean Macy doesnt break out of the bull flag tomorrow but falls back to support around 20.10.
Volume was average today but with Retail sales info coming out tomorrow that could be q catalyst for a breakout To fib resistance
1. 21.85
2.23.76
