JWN Breakout of consolidation
JWN is in a solid uptrend with the MA's lining up parallel since quite a while. Since breaking out of its last consolidation, it rallied up about 13%, before consolidation again for just short of 3 months. It broke out on a very bullish day with huge volume and has retested the prior resistance. It's now forming what seems to be a bull flag, with a nice volume contraction. Both the measured move from the flag and from the consolidation channel would point to a move towards 86 or a little less. That would yield a profit of about 5 %, a stop just under the flag or slightly below the resistance turned support would give a 2:1 risk reward trade.
Happy trading!
Happy trading!
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