Macy's ( M) reported quarterly numbers Thursday morning and the stock price skidded lower. Let's check the charts and indicators for clues to the retailer's next move.
In this daily bar chart of M, below, I can see that prices tried to stabilize around $15 in the first half of May but the downtrend reasserted itself and prices have continued lower. M trades below the declining 50-day moving average line and below the declining 200-day line. The On-Balance-Volume (OBV) line peaked and turned lower in early February signaling that sellers were now more aggressive than buyers. The Moving Average Convergence Divergence (MACD) oscillator is still below the zero line. 
In this weekly Japanese candlestick chart of M, below, I see a weak picture. Prices are in a longer-term downtrend as prices trade below the declining 40-week moving average line. The OBV line and the Moving Average Convergence Divergence (MACD) oscillator are bearish. The candles have yet to make a bottom reversal pattern nor do I see any meaningful lower shadows.
In this daily Point and Figure chart of M, below, I can see a downside price target in the $10 area.
In this weekly Point and Figure chart of M, below, I can see the same $10 price target as seen above on the daily chart.
Bottom line strategy: Macy's was founded in 1858 by Rowland Hussey Macy. I hope the company continues for many more years and continues to sponsor the major fireworks show in NYC, but the stock price has been struggling and traders should avoid the long side of the stock for now.
