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Macy’s (M) held the lower trendline: What next?

Shares of department store chain Macy’s (NYSE: M) surged 133% in 2021. Macy’s was founded in 1858 and is headquartered in New York. The retailer is scheduled to report fourth-quarter earnings results on Feb. 21, 2022.

Macy’s (M) held the lower trendline: What next?

Shares of department store chain Macy’s (NYSE: M) surged 133% in 2021. Macy’s was founded in 1858 and is headquartered in New York. The company engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods.

The stock price of Macy’s reached a fresh 52-week high of $37.95 on November 18th, 2021. Since then, the stock struggled to find the upside momentum and dropped back to near $20. After several weeks of a downside move, the stock finally jumped 18% on Jan 24th, 2022, and the stock held above the lower trendline.

Macy’s Q4 earnings preview

The retailer is scheduled to report fourth-quarter earnings results on Feb. 21, 2022. The company is expected to post quarterly earnings of $1.96 per share and revenues are expected to be $8.43 billion. During the third quarter, the company earnings came in at $1.23 a share and revenue rose 36% to $5.44 billion. The company had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5.23 billion. Macy’s stock bounced 21% after the earnings announcement.

"Looking ahead to the fourth quarter, we remain a special place for holiday shopping, and our robust omnichannel ecosystem is showing resilience in the face of labor and supply chain challenges and enables us to meet customer shopping needs with speed and convenience," Macy's CEO, Jeff Gennette said on the Q3 earnings call.

Macy’s (NYSE: M) technical outlook

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Technically the overall momentum remains mixed as the daily chart shows that the stock has been in a strong bearish trend in the past 2 months. However, In the short term, if the stock holds above the lower trendline then the stock may eventually rise back to above $30. On the other side, if the price break and close below the lower trendline, the next immediate support is to watch is $23 and then $20.40.

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