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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nordstrom (NYSE:JWN) based on the price action in the company's shares. Today's price range of $41.23 and $41.93 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. Traders and investors interested in shares of Nordstrom may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Nordstrom share prices have been bracketed by a low of $35.01 and a high of $80.23 and are now at $41.93, 20% above that low price. The 200-day and 50-day moving averages have moved 0.94% lower and 0.1% lower over the past week, respectively.

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, Inc. also offers, through a subsidiary, private label card credit and debit cards.

Nordstrom (NYSE:JWN) has potential upside of 11.9% based on a current price of $41.93 and analysts' consensus price target of $46.92. Nordstrom shares should first meet resistance at the 50-day moving average (MA) of $53.98 and find additional resistance at the 200-day MA of $60.36.

SmarTrend is monitoring the recent change of momentum in Nordstrom. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Nordstrom in search of a potential trend change.

Keywords: bullish inside day candle Nordstrom

Ticker(s): JWN