December 1 Chart of the Day - Nordstrom
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Nordstrom (JWN) is one of the most recognized department retail brands in the United States, operating a nationwide network of stores anchored in fashion apparel, beauty, and accessories.
After years of grinding through a difficult retail cycle, price is now sitting on a critical long-term support structure that has quietly shaped the stock’s entire multi-decade trajectory. Traders are watching closely to see if this level continues to hold or if another leg lower develops.
We'll review the chart from a price action perspective to identify potential levels of interest in both directions.
The charts highlight key levels where investors and traders alike will be watching closely.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 650+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.
Monthly Chart
The monthly chart shows more than twenty years of history converging into one major observation. There is only one level that matters.
Price continues to respect a long-term ascending support line that started forming after the 2008 financial crisis lows. Every major selloff since then has reacted at or near this rising trend base, and the recent multi-year consolidation once again finds JWN testing the same structural foundation.
As long as this trend line holds, the broader long-term thesis remains intact. A breakdown would introduce a much different picture, but for now buyers continue to defend the zone.
With plenty of volatility traders have had much to be happy with but long term buy and hold investors have been sorely disappointed.
This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.
Weekly Chart
On the weekly chart all the necessary price action is taking place inside a wide multi-year range that has been forming since 2020. Price is pressing into the lower end of the range while holding above the rising long-term support from the monthly view.
Retracements from recent swings highlight the following areas traders are watching:
• 61.8% level near $17.48
• 50% zone near $18.95
• Intermediate resistance around $25.01
• Major upside target at $33.31, which aligns with a larger 61.8% retracement and prior structural breakdown
Until buyers reclaim and build above the $25 area, JWN remains in a cautious posture. A sustained move over $29.25 would shift momentum firmly back to the top of the range.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We’ve combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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