In this daily bar chart of M, below, we can see that all our favorite indicators are still pointed down -- the moving averages, the On-Balance-Volume (OBV) line and the Moving Average Convergence Divergence (MACD) oscillator.
In this weekly bar chart of M, below, we can see the same situation as the daily bar chart. On a weekly scale the slow stochastic indicator in the lower panel is not as oversold as at other points in the past three years.
In this updated Point and Figure chart of M, below, we still have a nearby price target of $17.64.
Bottom line strategy: Unfortunately, the charts and indicators have not improved. The trends are still bearish as Macy's looks poised to open down more than 10% here on Wednesday.
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I'm not concerned about buying at the lows. I am concerned about buying when I think there will be a sustained uptrend.
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