The bearish DailyPlay we chose for Wednesday, Jan 9th is Nordstrom (JWN). JWN is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 2.17% move lower and its 1m and 6m trend have turned neutral on 1/8 but has reached overbought territory.
Nordstrom’s 1m and 6m trends turned bearish on 11/6 and recently bounced lower off its $50 resistance level. With a technical score of 5 (out of 10), JWN is a neutral stock that is starting to turn lower.
As a stop loss, if JWN was to trade above $50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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