The bullish DailyPlay we chose for Wednesday May 2nd is Macy’s (M). M is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 5.50% move higher and its 1m/6m trend has turned bullish on 4/26 and recently broke above its $103 resistance level.
Macy’s 1m and 6m trends turned bullish on 4/18 and recently broke above its $30 resistance level which becomes support. With a technical score of 10 (out of 10), M is a strong bullish stock that will likely continue higher.
As a stop loss, if M was to trade below $30 for multiple days, this would invalidate our analysis and suggest getting out of the trade.