JWN pushes through Thursday's high
Nordstrom Inc. (JWN) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
JWN ended the week 5.67% higher at 40.28 after gaining $0.88 (2.23%) today, strongly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 39.45, the market confirmed its breakout through the previous session high after trading up to $0.88 above it intraday.
Daily Candlestick Chart (JWN as at Feb 14, 2020):
Friday's trading range has been $1.30 (3.3%), that's slightly above the last trading month's daily average range of $1.13. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JWN.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
The stock managed to close back above the 50-day moving average at 39.68. When this moving average was crossed above the last time on Wednesday, JWN actually lost -0.81% on the following trading day. Prices are trading close to the key technical resistance level at 41.19 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Nordstrom. Out of 460 times, JWN closed higher 58.04% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.26% with an average market move of 0.40%.