Macy's Inc. ( M) here on Wednesday morning announced second-quarter earnings that missed estimates and also trimmed its full-year profit guidance. We looked at the charts and indicators of Macy's on Monday, but let's see if we can see any new clues.
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.
