Thursday, October 26, 2017 12:52:13 PM
Just two weeks ago I alerted members to grab some Macy's Inc (NYSE:M) calls because of a bullish bottoming tail and reversal signal. Macy's was trading under $20.00 at the time. After a surge to almost $22.00, we sold our calls for over a 60% profit. I sold because Macy's Inc had pushed into a major trend line of resistance and I figured it would pull back. Taking profits was the smart thing to do. That is exactly what has happened. Shares of Macy's Inc have consolidated slowly for the last week, inching down slightly. At this point, Macy's Inc has formed a bull flag pattern. The next move up will likely take out the resistance trend line seen in the chart below, blasting Macy's Inc sharply higher. I am going to be looking to buy some calls again, expecting a stock move to maybe as high as $24.00 in the coming week or two.
Gareth Soloway
InTheMoneyStocks
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