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

By David Diaz

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 $39.78 and $40.19 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.

Over the past year, Nordstrom Inc has traded in a range of $25.01 to $48.87 and closed yesterday at $39.88, 59% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.3%.

Potential upside of 27.7% exists for Nordstrom Inc, based on a current level of $39.88 and analysts' average consensus price target of $50.93. The stock should discover initial support at its 50-day moving average (MA) of $39.12 and subsequent support at its 200-day MA of $35.20.

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 tracking the current trend status for Nordstrom Inc and will alert subscribers who have JWN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle nordstrom inc

Ticker(s): JWN