Macy's $M has been recovering since hitting a low around $17.50 in December 2017. This week, price broke above the recent consolidation and signals further upside. Macy's Daily Chart(click to enlarge)Bulls In Charge:- When we look at the daily chart, we can see that M has been rallying very persistently since November and is now clearing that $40 mark.- For now, it looks like bulls are indeed in charge. - However, I would limit the upside to the $45-$45.50 area. - As we can see on the weekly chart below, there is a critical resistance around $45.40. - While breaking above the 200-day simple moving average (SMA) is a good sign, we should still anticipate some resistance here around $45.- Perhaps, there will be a regression back towards the 200-day SMA, which is right around $40. - I would anticipate at least a dip like that to test the consolidation that occurred around and mostly under $40. If this area provides support, then, I might have more confidence that price can push above the $45.40 resistance. - But I think the more likely scenario will be that after finding resistance at 45.40, M will find support back around $30-$33 area and start forming a range. - This area roughly between $30 and $45.40 represents an area that price stayed between 2005 and 2007 as well. I think it is a sticky range that Macy's share price will end up consolidating in. Macy's Weekly Chart(click to enlarge)