Macy's (M) is having a rough season as the stock broke the 200-day moving average and support at 37.50 the last few days. Also notice that stock gapped down four days ago and fell on high volume just before Christmas. This gap zone becomes the first resistance zone to watch.
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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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