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

By Nick Russo

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. Yesterday's price range of $39.95 and $40.36 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. 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.

Potential upside of 27.2% exists for Nordstrom Inc, based on a current level of $40.05 and analysts' average consensus price target of $50.93. The stock should discover initial support at its 50-day moving average (MA) of $37.03 and subsequent support at its 200-day MA of $35.55.

In the past 52 weeks, Nordstrom Inc share prices have been bracketed by a low of $25.01 and a high of $49.98 and closed yesterday at $40.05, 60% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.5%.

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.

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

Keywords: bearish am inside day candle nordstrom inc

Ticker(s): JWN