On 5/26/2020, Macy’s (M) announced a plan to sell $1.1B in debt backed by some of its real estate properties. The company said these actions will provide sufficient liquidity to retire upcoming maturing debt and fund operations through fiscal 2020 and 2021. This news sent retail stocks soaring in Wednesday’s session. In this post, we will focus specifically on Nordstrom (JWN).

 

Nordstrom (JWN) – annotations by askSlim.com

At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.

 

askSlim.com Technical Briefing: The weekly cycle analysis suggests that JWN is in a rising phase in an overall negative cycle pattern. The next projected intermediate-term low is due in October. Weekly momentum is positive.

On the upside, there is an intermediate-term resistance at 19.61 followed by another zone of resistance from 24.15 – 27.82. On the downside, the only visible support is the prior cycle low at 12.27. For the bulls to regain control of the intermediate-term, we would need to see a weekly close above 31.49 to repair the some of the damage done on the downside.

 

askSlim.com Sum of the Evidence: JWN is in a rising phase in a very negative overall cycle pattern. The analysis suggests that further upside in the near-term is limited. There is a likelihood that the stock trades below 12 by October.

 

 

Interested in askSlim.com?

Get professional grade technical analysis, trader education and trade planning tools at askSlim.com. Write to matt@askslim.com for special askSlim membership trial offers!