Nordstrom soars 25.0% as investor Ryan Cohen takes stake

Nordstrom (JWN.US) shares jumped 25.0% in pre-market trading on news that activist investor Ryan Cohen has taken a significant stake in the high-end department store company and is pressing for a seat on the board.

The Chewy cofounder and GameStop chairman is now one of Nordstrom's five largest non-family shareholders and wants to  navigate the shift from in-person to online shopping and refresh the company's board, according to Wall Street Journal.

Nordstrom (JWN.US) stock rose sharply in premarket and is currently testing the upper limit of the 1:1 structure at $26.65. Should break higher occur, upward move may accelerate towards, major resistance at $29.00, which is marked with previous price reactions and 50.0% Fibonacci retracement of the upward wave started in November 2020. Source: xStation5