Last week, the stock market experienced a brutal 10% sell-off, the fastest drop in over a decade.
But I’m not panicking.
In this market environment, it’s tough to ignore the noise of something like the coronavirus. But, as investors and traders, we have to find a way to cut through the noise.
We have to stick to our approach. For me, that starts with my Bank It or Tank It analysis.
In our review of a stock, we run down the fundamentals, sentiment and technical analysis for a stock to find its price target over the next 12 months.
Today, we are diving into the retail giant, Macy’s Inc. (NYSE: M).
The brick-and-mortar clothing retailer has struggled to compete with its new-age competitors. Its share price is down 50% from a year ago.
I’m focusing on the key stats and analysis for Macy’s to see if the company is in a position to turn things around.
Today, I’ll give you my short-term expectations for the stock, and my 12-month price target so you know the best way to trade shares in the coming months.
Check it out below.
Macy’s Will Trend Lower in 2020
Looking at Macy’s price chart, we don’t see any reason to be bullish. Prices are making lower lows, and I expect lower highs to follow.
This is a classic downtrend.
But in my video, I highlight the key levels to watch to know when the company is breaking out of this bearish chart pattern.
That’s how we will not only survive a volatile market, but thrive by following these major overall trends.
The best way to trade these shorter-term moves isn’t by buying the stock … but by trading options.
I know many of you are reluctant to trade options because of its risky stigma. But that’s not the case.
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With the tools trading options brings you, I’m confident you can potentially turn these key trends and analysis from our Bank It or Tank It videos into profitable insights on your own.
But be sure to follow me on Twitter, @ChadShoopGuru, to get my latest insights and updates on the stocks we cover in Bank It or Tank It.
Regards,
Chad Shoop, CMT
Editor, Quick Hit Profits