The chart of this retailer looks like a ‘horror movie’: Technician

Macy's down 50% this year, and it's about to get worse

Macy's is getting slammed, and one technician says the charts are pointing to even more pain ahead of earnings this week.

It's been a tough year for retailers — the retail ETF XRT has fallen nearly 10 percent, while the is up more than 15 percent in 2017. "Look at these numbers, it is something out of a horror movie. These are declines that are epic," Carter Worth of Cornerstone Macro said Friday on CNBC's "Options Action."

Macy's has been one of the hardest-hit retailers as the stock has lost half of its value and tumbled to multiyear lows. While some may be trying to pick a bottom, Worth cautioned that "often the greatest moves come from things that are already down a lot, and Macy's is at risk."

Looking at a long-term chart of Macy's, Worth pointed out that the stock broke its trend 2 to 3 years ago, and could retest its all-time low of $5.07.

"Why can't it go [back down] there? ... If you own it, get out," he added.

Analysts polled by FactSet are expecting the company to post earnings of 19 cents on $5.3 billion of revenue.

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