NORDSTROM INC (NYSE:JWN) Technical Analysis observations.

A possible breakout setup was detected on NORDSTROM INC (NYSE:JWN) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:JWN.

In-Depth Technical Analysis of NYSE:JWN

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall JWN gets a technical rating of 8 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, JWN is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• JWN is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so JWN is lagging the market slightly.
• In the last month JWN has a been trading in the 20.71 - 22.20 range, which is quite wide. It is currently trading near the high of this range.
• Looking at the yearly performance, JWN did better than 81% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
• JWN is part of the Broadline Retail industry. There are 33 other stocks in this industry, JWN did better than 68% of them.

Check the latest full technical report of JWN for a complete technical analysis.

Looking at the Setup

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:JWN this score is currently 9:

Besides having an excellent technical rating, JWN also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 21.79, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:JWN be traded?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.