Nordstrom, Inc. (JWN) will report its first quarter 2023 financial results after the close of the financial markets on Wednesday, May 31, 2023. Wall Street expects the retailer to report a loss of 8 cents for the quarter with sales of $3.12 billion. JWN lost six cents on revenue of $3.57 billion for the same quarter last year.
JWN stock tobogganed downhill since the beginning of February, potentially reaching the bottom of the hill in early May. Shares have shown some life since setting its 52-week low of $14.03. As you’ll see on the chart below, Nordstrom is currently in an uptrend marked with higher lows and higher highs. The push higher has JWN north of its 50-day moving average for the first time since late January 2023.
The last time the luxury chain’s stock made the same move from below to above the 50-day benchmark, it took off aggressively higher. Of course, past performance doesn’t mean anything, just an idea of what’s possible.
There are a couple of technical rest areas on JWN’s map, first at $17ish and then again at the 200-day average of $18.30. If Nordstrom manages to get beyond the 200-day mark, $20 looks like a potential target area. On the flip side, a close below $15, and we’d strongly consider cutting losses.
Trading earnings is super aggressive and only for investors who can afford to lose money in short order.
Rich Meyers