Macy’s (M) traded 9% higher on Wednesday morning, after reporting earnings that beat Wall Street estimates.

The company reported earnings per share of $0.42 and total revenue of $5.5 billion, above analyst expectations of $0.36 and $5.4 billion. They expect earnings for FY18 to be between $3.75 – $3.95, compared to the consensus of $3.61.

In analyzing the market cycles for Macy’s weekly chart, we can see that the stock has come a long way from its lows in November.

However, it is now moving into resistance. We expect it to be a challenge to move beyond $34.60.

Therefore, the stock may be forming a top.

For an introduction to cycle analysis, check out our video on Stock Market Cycles.

Macy’s (M) Stock Chart with Weekly Bars

macys stock chart research forecast outlook investing earnings_month may 2018


Twitter:  @askslim

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