On a technical level, CML has dropped through the $6 Long term...

On a technical level, CML has dropped through the $6 Long term support level. So far it is still constrained to a downward trend.
On a fundamental bases, management have troubled the market with their continually reduced forecasts. More importantly however, is the Myer Grace Bros retail arm matched with the coles supermarket arm. Woolworths and Metcash are still being prefered as the have a solid and growing core business and reliable management.
The Myer arm is expecting slower growth as the retail market has slowly moved away from the larger department stores, especially for the youth market, to the smaller specialised retail outlets. And the stable alchol and tobacco arm of CMl has also reported slowing growth.

You may find that CML will head lower over the next 6 months. If you buy, you may find that your main return will be through dividends, rather than a sharp bounce. I guess it depends on your investment strategy?!