Shares of Macy’s Inc (M) have been pounded for years. First, consumers were making the switch away from malls to online retailers like Amazon.com, second Covid-19 hit, pushing that wave even further into online retail. This has resulted in a stock price on Macy’s that is near all-time lows. While ugly, there may be light at the end of the tunnel for investors looking to buy. The Macy’s stock chart analysis shows key support tagged today at $5.70. If this level can hold, upside is $8.00, then $10.25. In addition, with many retailers failing/going bankrupt, if Macy’s can hold on until 2021 and a vaccine, they may be one of the few left standing. If that happens, it is possible they could thrive. If that scenario comes to pass, upside could be as high as $20.00. Buying Macy’s stock chart analysis here is tough, there is a lot of risk. However, there is also a ton of reward. I would treat it like an option trade. Meaning it may be worthless, but if it makes it, Macy’s could be triple the current price. At key support, it is certainly worth a look.
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