Macy's (M) was one of ten NYSE stocks showing up on the Shooting Star scan on the Predefined Scans page. After surging the prior three days, the stock hit resistance from broken support and formed a large shooting star on Wednesday. Note the small body, the long upper shadow and the shaven bottom. The stock bounced on Thursday and it would take a move below today's low to confirm the shooting star.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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