JWN on watch tomorrow, caught my eye this weekend on the Finviz unusual volume screener. Especially like the bullish kicker candlestick signal as well as extremely high volume, and these two indicators could be a clue that the stock has formed a bottom and is ready to go higher. Bullish kicker as I’ve observed when combined with high volume has been quite powerful in indicating upward movement as seen recently in WBMD in late January, LUK in early November 2016, and MPEL in mid July 2016.
I’d be interested in establishing a long position on Monday if JWN can break above Friday’s high of 47.03, looking to buy around 47.15-47.20. From there, would be looking for JWN to continue higher and reach 55 before making a new 2017 low around the 42 area. In other words, risking 5 to make about 8.
Worth noting that JWN goes ex-div tomorrow so I’ll be keeping an eye on the price action as it relates to the impact from the dividend.