Macy’s Climbs Nearly 6%, Eyes $24 52-Week High
$Macy's(M)$
Macy's (M) Jumps +5.84%: Rebound from Oversold, Eyes $22 Resistance
Latest Close Data
Macy's closed at $21.19 on Feb-02, surging +5.84% from the previous day. The stock is now ~13% below its 52-week high of $24.41.
Core Market Drivers
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A significant intraday rally pushed the stock to a high of $21.23, fueled by a broad market uptick in consumer discretionary stocks.
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Recent data shows a notable decline in short interest volume over the past week, potentially easing some selling pressure.
Technical Analysis
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Volume surged to 8M shares, with a Volume Ratio of 1.40, confirming strong buying interest.
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The RSI(6) rocketed from deeply oversold levels (~22) to 61.85, signaling a sharp momentum shift.
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The MACD histogram turned positive (-0.186 vs. -0.399 prior), suggesting bearish momentum is decelerating rapidly.
Key Price Levels
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Primary Support: $19.97 (recent swing low).
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Immediate Pivot: $21.19 (today's close).
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Strong Resistance: $22.17 (recent high). A break above could target $24.41.
Valuation Perspective
The stock trades at a TTM P/E of 12.38 and a P/S of 0.25. The Forward P/E of 9.22 is above its historical average of 6.44 but remains relatively modest for a retail giant.
Analyst Targets
9 analysts have an average price target of $21.76. Sentiment is neutral with 1 Strong Buy, 1 Buy, 9 Hold, and 2 Underperform ratings.
Weekly Outlook
Expect consolidation between $20.30 and $22.20 after the sharp rally. A sustained break above $22.17 could fuel a move toward $24. A failure to hold $20.30 may see a retest of the $19.97 support.
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