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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nordstrom Inc (NYSE:JWN) based on the price action in the company's shares. Yesterday's price range of $43.29 and $43.47 is within the prior day'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. Traders and investors interested in shares of Nordstrom Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Nordstrom Inc (NYSE:JWN) has potential upside of 17.2% based on a current price of $43.47 and analysts' consensus price target of $50.93. The stock should find initial resistance at its 50-day moving average (MA) of $44.75 and further resistance at its 200-day MA of $52.64.

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.

Over the past year, Nordstrom Inc has traded in a range of $42.54 to $67.75 and closed yesterday at $43.47, 2% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.2%.

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 27.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle nordstrom inc

Ticker(s): JWN