Watch These Macy's Price Levels as Stock Slumps on Soft Sales Guidance

Stock Performance and Market Sentiment - The retailer's stock has fallen 14% since the start of the year and 21% over the past 12 months, reflecting investor concerns about the company's turnaround plans and sales growth [2] - Macy's shares could remain in focus after the company indicated that holiday quarter sales may come in slightly below expectations due to underperforming stores [3][7] Technical Analysis and Price Levels - Macy's shares have been trading within a 13-month descending channel, with recent selling intensifying after encountering resistance near the upper trendline and 200-day moving average [4] - Key resistance levels to watch include $18, which aligns with the descending channel's upper trendline, and$20.50, a level that connects multiple peaks from December 2023 to May 2023 [5][6] - Important support levels to monitor are around $13, near the November 2023 peak and the descending channel's lower trendline, and$10.75, which aligns with troughs from September to November 2023 [11] Strategic Initiatives and Sales Performance - In February 2023, the company announced plans to close 150 underperforming stores over three years to boost profitability while focusing on expanding initiatives at higher-performing locations [9] - Despite challenges, Macy's remains on track to post a second consecutive quarter of sequential comparable sales improvement, indicating some progress in its turnaround efforts [9]