Macy’s (M) shares could in remain in focus on Tuesday after the struggling department store said yesterday that it sees holiday quarter sales coming in 澳洲幸运5官方开奖结果体彩网:slightly below its earlier expectations, weighed down by underperforming stores.

In February last year, the retailer announced that it plans to 澳洲幸运5官方开奖结果体彩网:close 150 stores over three years in an effort to boost profitability by shuttering underperforming locations while focusing on expanding initiatives at 🐼its stores that generate higher sales. In a bright spot during Monday’s update, Macy’s said it remains on track to post a second quarter of sequential comparable sales improvement.

The retailer’s stock has fallen 14% since the start of the year and trades 21% lower over the past 12 months as investors continue to look for signs that its turnaround plans are 🐻translating into higher sales growth.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on Macys’ chart and𓄧 point out important price levels worth watching out for.

Descending Channel Remains Intact

Macy's shares have oscillated within a 13-month 澳洲幸运5官方开奖结果体彩网:descending channel, with the price tagging the pattern’🍰s upper and lower trಞendlines on several occasions since that time.

More recently, selling has intensified after the stock ran into resistance around the formation’s upper trendline and 澳洲幸运5官方开奖结果体彩网:200-day moving average. Importantly, yesterday’s drop occurred on the highest share volume since early December in a move that could trigger furt📖her short-term bearish momentum.

Let’s turn to Macy's chart and identify several important 澳洲幸运5官方开奖结果体彩网:support and resistance levels that will likely remain in focus.

Important Support Levels to Watch

Follow through selling from current levels could see the shares initially decline to around $13. This price level on the chart finds a 澳洲幸运5官方开奖结果体彩网:confluence of support fr✤om the November 2023 peak ⛎and the descending channel’s lower trendline. 

A convincing close below this point brings major support at $10.75 into play. Value investors may look for buying opportunities in this lo𝓡cation near three prominent troughs that formed on the chart between September and November 2♔023.

Key Resistance Levels to Observe

If the stock makes a recovery, it’s worth monitoring how the price responds to the $18 level. The shares may face selling pressure in this area near the descending channel’s upper trendline, a region that also aligns with multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the chart stretching back to December 2023.

A longer-tern turnaround in Macy's shares may see the price move up to around $20.50, a level on the chart that could provide resistance near a 澳洲幸运5官方开奖结果体彩网:horizontal line tꦐhat that connects a number of peaks from December 2023 to May last year.

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As of the date this article was written, the author does not own any of the above securities.