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Nordstrom Inc. (JWN) Approaching Critical Support; I Wouldn't Rely on it

Nordstrom Inc. $JWN has been in a consolidation mode since 2016 after a bearish 2015. The weekly chart below shows us that price fell from heights around $83 down to $36 area before consolidating sideways. 

JWN Weekly Chart

(click to enlarge)

Attacking Support:
- Since 2016, price action has been choppy and sideways.
- Despite making a couple of key higher highs in late 2016, and then again in late 2018, the market is still sideways. 
- When looking at price action since 2016, we can say JWN is bearish-neutral.
- Because there is a slightly bearish bias, I would NOT rely on the $35-$40 support area for support outside of the short-term.
- Perhaps we will get a bounce from $35 to $40, or maybe even a bit higher, but I would not anticipate a push back to $50, $60. 
- I think there is a higher probability that price will break below $35 and attack the $28-$30 area, which is another support as we can see on the monthly chart.

JWN Monthly Chart

(click to enlarge)

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