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Macy's Inc Hammered On Jobs Cuts, Store Closings: See Major Buy Level Here

Shares of Macy's Inc (NYSE:M) are getting smoked by over 10% today after the company announced plans to slash 10,000 jobs and close a bunch of stores. The stock is trading at under $32 and is likely headed lower. After analyzing the stock chart, there is major support at the $30 level. This is where I will buy it today for a quick, hard bounce. Investors can look for a 10% bounce off that level, maybe more. Note the stock chart below as it shows the major support at double bottom.

Investors see shares of Macy