Please take a look at the 1-year chart of MAC (The Macerich Company) below with my added notations:
MAC had been trading in mostly a sideways range from September through November. Several times over that period the stock also formed a key resistance level at around $60 (blue). That $60 level has also been support or resistance several times previously. Last week MAC finally broke up out of its range and above that important $60 level. The stock should be moving overall higher from here.
The Tale of the Tape: MAC had a key level of resistance at $60 that should now act as support on any pullbacks. A long trade could be entered on a pullback to $60 with a stop placed below that level. A break back below $60 could negate the forecast for a move higher.
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