Macy’s, Inc. (NYSE: M)

Macy’s, Inc. operates stores and Internet Websites in the United States. Its stores and Websites sell a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. The company also operates Bloomingdale’s Outlet stores that offer a range of apparel and accessories, including women’s ready-to-wear, fashion accessories, jewelry, handbags, and intimate apparel, as well as men’s, children’s, and women’s shoes. As of February 25, 2014, it operated approximately 840 stores under the Macy’s and Bloomingdale’s names in 45 states of the United States, the District of Columbia, Guam, and Puerto Rico, as well as the macys.com and bloomingdales.com Websites; and 13 Bloomingdale’s Outlet stores.
Take a look at the 1-year chart of Macy’s (NYSE: M) with my added notations:

With the exception of a brief break in April, and another in May, M has been range bound since March. Over that period of time the stock has formed a clear resistance at $60 (red). In addition, the stock has also created a common level of support at $56 (blue), which had also been resistance prior. At some point the stock will have to break one of the two levels that the consolidation has created.

The Tale of the Tape: M has clear levels of support ($56) and resistance ($60). The possible long positions on the stock would be either on a pullback to $56, or on a breakout above $60. The ideal short opportunity would be on a break below $56.
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