Nordstrom Inc ( JWN ) shares are spiking Tuesday morning following a report suggesting the company is looking to go private.

What Happened: The founding family behind Nordstrom ( JWN ) wants to take the company private, according to Reuters. The news comes about six years after the founding family’s previous attempt to take the U.S. department store operator private.

People familiar with the matter reportedly said Nordstrom ( JWN ) has reached out to Morgan Stanley and Centerview Partners and asked them to gauge interest for a potential deal with private equity firms. The sources noted that there is no certainty a deal will happen.

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JWN Stock Prediction 2024

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Nordstrom ( JWN ), an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Nordstrom ( JWN ), the 200-day moving average sits at $17.61, according to Benzinga Pro, which is below the current price of $18.68. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

JWN Price Action: Nordstrom ( JWN ) shares were halted for news pending shortly after the market open Tuesday morning. The stock was up 11.2% at $18.98 at the time of publication, according to Benzinga Pro.