Today’s instrument is the Macy’s Inc. stock traded in NYSE exchange under the ticker M. 

If we look at the M Weekly chart, we can see the rise from its $30.30 support level on November 5th and a move towards the $32 where it topped and then gradually started to fade, unable to form any kind of support along the way. Its last traded price was $29.84, with overhead resistance of $30.30.

Today we could expect a move further down, below the $29 price range.

If however, it manages to hold at the current price range of $29.84 then a case can be made for moving towards the $30.30 level.

(Click on image to enlarge)