Nordstrom (JWN) Falls Off Cliff, Watch This Trade Level

This morning, leading fashion specialty retailer, Nordstrom Inc (JWN), is tumbling lower after reporting earnings that failed to impress Wall Street. The stock is trading lower by 17.5% to 31.20 a share despite reporting better than expected second-quarter results. The stock has now plunged below its important 200-day moving average and is testing the July lows. The stock has been making a series of lower highs on the daily chart and that is usually a negative sign for the stock price and a sign of weakness.

The next major support level for Nordstrom Inc (JWN) stock will be around the $25.00 area. This key support level is where the stock broke out in late November 2020. Often, stocks will be defended when the prior breakout levels are tested. The stock will also have a major retrace support level around the $25.00 area. This should add strength to the $25.00 support level and make this a solid risk/reward long trade setup.     

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