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Macy’s stock is pushing for a resistance breakout ahead of earnings. A reason to buy it?

Macy’s Inc. (NYSE:M) reports its quarterly earnings on November 17 before the market open. The stock has been gaining ahead of the key earnings report. A return of 9.48% in the last month underlines a solid recovery for a stock that has lost 27% year-to-date.

As investors await the quarter results, expectations are mounting. The company is expected to post revenue of $5.18 billion or £4.35 billion. Although the revenue is 4.9% below last year, it is an upward revision of 0.18% in the past 30 days. It shows that investors anticipate higher than previously accessed earnings. Macy’s has notoriously beaten consensus estimates in its last previous quarters. The stock has been responding to positive expectations.

It could also be of interest to understand the analyst ratings on this stock before trading it. Eleven analysts tracked by TipRanks have a moderate buy on the stock. 4 have a buy on the stock, 6 hold, and 1 sell. The average price target for the stock is $23.57. The stock currently trades at $20, representing an upside potential of 15% based on the analysts’ targets.

Macro headwinds and cost pressures are still a thorn for Macy’s. However, an earnings beat could be the needed trigger for the stock to clear above the $21 resistance. The potential target in a breakout scenario will be slightly above $24.

Macy’s stock retests $21 resistance and corrects

Macy’s Chart by TradingView

A technical outlook of Macy’s shows the stock on a correction after retesting the resistance. The stock has formed a double top, but still, there is no confirmed bearish reversal. 

Should you buy Macy’s stock now?

There is no confirmed bullish breakout despite the gains in Macy’s stock in the month. A break above $21 is the needed confirmation for buying the stock. A better-than-expected earnings results could be the needed catalyst for a bullish move.

The post Macy’s stock is pushing for a resistance breakout ahead of earnings. A reason to buy it? appeared first on Invezz.

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