Nordstrom (JWN)

Jan 12, 2023Trade Ideas

Nordstrom (JWN) is on the move, as hoped.

In fact, as we noted on January 5: After getting crushed from $22.50 to $16.62, it appears the JWN stock may be bottoming out. We’re also watching as RSI, MACD, and Williams’ %R start to pivot higher, as well. Near-term, we’d like to see the retail stock retest prior resistance at $22.50. Also, while firms, like JP Morgan believe JWN could head lower, it looks like the worst has been priced in already, creating a “blood in the streets” opportunity.

At the time, JWN traded at just $16.01. Today, JWN is attempting to break from consolidation, last trading at $17.35. From here, the stock could test resistance around $18.74. JWN also remains fundamentally undervalued at 0.28x growth, and 0.18x sales.

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