Possible Bullish Inside Day Candle Pattern Detected for Nordstrom (NYSE:JWN)
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 $49.94 and $50.60 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.
Over the past year, Nordstrom has traded in a range of $35.01 to $80.23 and is now at $50.40, 44% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has remained constant.
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.
Potential upside of 20.2% exists for Nordstrom, based on a current level of $50.40 and analysts' average consensus price target of $60.58. The stock should find initial resistance at its 50-day moving average (MA) of $53.98 and further resistance at its 200-day MA of $60.36.
SmarTrend recommended that subscribers consider buying shares of Nordstrom on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.42. Since that recommendation, shares of Nordstrom have risen 20.1%. We continue to monitor JWN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish inside day candle Nordstrom