Macy's heads lower in weaker retail environment, levels to watch The price action since September when viewed on a daily chart has a distinct rounding top appearance. The move down in price today has broken the low of the start of that rounding formation which was at $36.94. This is bearish price action, suggesting more downside to come of greater than $5. At the current price of $36.58, next support is at $36.14, and then at $35.32. Resistance is at $36.94.
J.C. Penney downgraded to Sell from Neutral at UBS UBS downgraded its rating on J.C. Penney (JCP) shares to Sell saying the company's 2017 EBITDA target of $1.2B is overly optimistic as it assumes years of market share gains against strong competitors like Macy's (M) and Kohl's (KSS). UBS halved its price target for Penney shares to $5 from $10. The retailer's stock closed Friday down 52c to $7.12.