Bearish DailyPlay for Wednesday April 6th, 2016 – Macy’s (M)
The bearish DailyPlay we chose for Wednesday April 6th is Macy’s (M). M is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 2.27% higher and its 1m and 6m trend turned bullish on 3/11 but recently failed to sustain a new high above its $78.50 support level.
Macy’s 1m and 6m trends turned bearish on 4/4 and recently broke below its $42 support level. With a technical score of 2 (out of 10), M looks positioned to continue this strong bearish trend lower.