In a big week for retail earnings, technician says only one is a standout [CNBC]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: CNBC
It's retail's time to shine this earnings season with industry leaders Walmart , Nordstrom and Home Depot each set to report quarterly results this week. Only one retail name looks like a winner to Mark Newton, technical analyst at Newton Advisors. Macy's looks like the real standout candidate to me among the group, Newton told CNBC's Trading Nation on Friday. It started to show real momentum last November and the stock has more than doubled off the lows, but yet it still remains well off the highs it made a few years back. Macy's has raced ahead of the rest of the retail space so far this year. The department store chain has surged nearly 60 percent, more than four times the increase in the XRT retail ETF. The stock has also formed a cup-and-handle pattern since June, said Newton, a technical price movement characterized by a rounded move lower then higher followed by a narrower trading range. After this big advance, the fact that the stock h
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