Macy's Inc Stock Forecast
Macy's Inc stock price down 2.36% on Tuesday
(Updated on Jul 02, 2024)
The Macy's Inc stock price fell by -2.36% on the last day (Tuesday, 2nd Jul 2024) from $18.25 to $17.82. During the last trading day the stock fluctuated 4.48% from a day low at $17.77 to a day high of $18.56. The price has fallen in 6 of the last 10 days and is down by -3.26% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -481 thousand shares and in total, 5 million shares were bought and sold for approximately $83.14 million.
Given the current horizontal trend, you can expect Macy's Inc stock with a 90% probability to be traded between $17.47 and $19.82 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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M Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Macy's Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $18.79 and $19.08. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 28, 2024, and so far it has fallen -12.56%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Macy's Inc stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.795 (4.48%) between high and low. For the last week, the stock has had daily average volatility of 3.33%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (M) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Macy's Inc to open at $18.05, and during the day (based on 14 day Average True Range), to move between $17.21 and $18.43, which gives a possible trading interval of +/-$0.609 (+/-3.42%) up or down from last closing price. If Macy's Inc takes out the full calculated possible swing range there will be an estimated 6.83% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $18.43, some $0.610 (3.42%) from the current price of $17.82, our system finds the risk reward not very attractive.
Is Macy's Inc stock A Buy?
Macy's Inc holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.107 Sell Candidate Unchanged
Predicted Opening Price for Macy's Inc of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $18.05 ( 1.28%) | $17.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for M
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 18.84 | 5.74% |
| R2 | 18.54 | 4.04% |
| R1 | 18.35 | 2.99% |
| Price | 17.82 | |
| S1 | 17.74 | -0.423% |
| S2 | 17.56 | -1.48% |
| S3 | 17.25 | -3.18% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 20.08 | 12.68% |
| R2 | 18.86 | 5.84% |
| R1 | 18.43 | 3.42% |
| Price | 17.82 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
M Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 16, 2024 | Jun 14, 2024 | Jul 01, 2024 | $0.174 | 0.95% |
| 2 | Feb 23, 2024 | Mar 14, 2024 | Apr 01, 2024 | $0.174 | 0.89% |
| 3 | Oct 27, 2023 | Dec 14, 2023 | Jan 02, 2024 | $0.170 | 0.86% |
| 4 | Aug 25, 2023 | Sep 14, 2023 | Oct 02, 2023 | $0.170 | 1.47% |
| 5 | May 31, 2023 | Jun 14, 2023 | Jul 03, 2023 | $0.165 | 1.00% |
FAQ
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