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Nordstrom (JWN) Approaches New Downside Target of $58.26

Published on Thu, 06/20/2013 - 10:03
By Robert Cotter

Nordstrom (NYSE:JWN) has opened bearishly below the pivot of $59.19 today and has reached the first level of support at $58.58. Investors may be interested in a cross of the next downside pivot targets of $58.26 and $57.33.

Potential upside of 5.7% exists for Nordstrom, based on a current level of $58.48 and analysts' average consensus price target of $61.79. The stock should find initial support at its 50-day moving average (MA) of $58.27 and further support at its 200-day MA of $55.79.

Nordstrom, Inc. is a fashion retailer of apparel, shoes, and accessories for men, women, and children. The Company operates through multiple retail channels, discount stores, boutiques, catalogs, and on the Internet. Nordstrom, Inc. also offers, through a subsidiary, private label card credit and debit cards.

In the past 52 weeks, shares of Nordstrom have traded between a low of $47.04 and a high of $61.81 and are now at $58.48, which is 24% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

By Robert Cotter
rcotter@fnno.com