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After Yesterday's Rally of 1.61% Shares Could Potentially Pullback

By Nick Russo

Nordstrom (NYSE:JWN) traded in a range yesterday that spanned from a low of $37.74 to a high of $38.98. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $38.27 on volume of 1.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Nordstrom has traded in a range of $36.19 to $80.23 and is now at $38.53, 6% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Nordstrom on April 8th, 2016 by issuing a Downtrend alert when the shares were trading at $51.04. Since that call, shares of Nordstrom have fallen 26.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Nordstrom

Ticker(s): JWN