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Macy’s (M) Dumped As Sales Decline -

May, 12th 06:04

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Macy’s Inc. set off fresh fears about the health of the U.S. retail sector, after the country’s largest department-store chain reported its worst quarterly sales since the recession. Macy’s shares had its biggest one-day loss since 2008, and its troubles dragged down other departmental-store, clothing, jewelry and accessories companies. On the hourly chart, we can see the stock slumped to as low as 31.37. The RSI is currently at 6.83 – penetrating deep into the oversold zone, indicating that the selling power will be dominant for some time. The price is expected to continue dropping violently.

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