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Possible Bearish Inside Day Candle Pattern Detected for Nordstrom Inc (NYSE:JWN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nordstrom Inc (NYSE:JWN) based on the price action in the company's shares. Today's price range of $32.80 and $32.92 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Nordstrom Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Nordstrom, Inc. is a fashion retailer of apparel, shoes, and accessories for men, women, and children. The Company operates through multiple retail channels, discount stores, boutiques, catalogs, and on the Internet. Nordstrom also offers, through a subsidiary, private label card credit and debit cards.

Nordstrom Inc share prices have moved between a 52-week high of $67.75 and a 52-week low of $30.91 and are now trading 6% above that low price at $32.90 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 2.6%.

Potential upside of 54.8% exists for Nordstrom Inc, based on a current level of $32.90 and analysts' average consensus price target of $50.93. The stock should run into initial resistance at its 50-day moving average (MA) of $37.27 and subsequent resistance at its 200-day MA of $48.58.

SmarTrend recommended that its subscribers protect gains by selling shares of Nordstrom Inc on November 15th, 2018 by issuing a Downtrend alert when the shares were trading at $59.25. Since that call, shares of Nordstrom Inc have fallen 43.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle nordstrom inc

Ticker(s): JWN