Nordstrom: Weakness in Seattle

Nordstrom  (JWN) broke the lows of February and March yesterday. Unless prices quickly reverse to the upside, further losses and a test of older support in the $38-$36 area looks likely in the next few weeks. Failure to hold the $38-$36 support zone opens up the possibility of a deeper decline to the $32 area.

In this daily bar chart of JWN, below, we have a weak looking chart and no bullish divergences yet to suggest that the pace of the decline has slowed. Earlier this month JWN was above the rising 50-day moving average line and even got above the rising 200-day moving average line for a few days, but this strength did not last long. Last week prices fell sharply breaking back below the 50-day average line and gaping lower. Yesterday prices closed below their March lows to refresh the downtrend from December. ...201 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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