JWN finds buyers at key support level
Nordstrom (JWN) Technical Analysis Report for Apr 16, 2018
JWN ended Monday at 47.85 gaining $0.46 (0.97%). Trading up to $0.66 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Monday's trading range was $1.05 (2.2%), that's below last trading month's daily average range of $1.29. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.
After moving lower in the previous session, Nordstrom managed to close higher but below the prior day's open, forming a bullish Harami Candle.
After trading as low as 47.00 during the day, the stock bounced off the key support level at 47.46. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 48.69. After having been unable to move lower than 47.15 in the previous session, the market found buyers again around the same price level today at 47.00.
JWN shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
With prices trading close to this year's low at 45.76, downside momentum might speed up should the share break out to new lows for the year. Further selling could move prices lower should the market test March's close-by low at 46.25.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.
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