Macy's Inc (M) has seen heavy upside pressure over the last six week. It looks to be headed even higher over the next couple months.

Per the six month chart, MACD indicates M was extremely oversold. Now M is crossing Zero (0) MACD on a heavy upside move. Zero MADC often acts as one of the best buying indicators of all the oscillators. This coupled with relatively low RSI, indicates to that M is on it's way back to a more stable support level. I expect M to find support at at least the previous support level of 38.



Andy Swan is co-founder and head trader for DaytradeTeam.com. To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.