Walmart’s price has been in an uptrend since the end of May month 2022, forming higher lows, and is currently headed toward November 2022 high. During the start of 2023, WMT price entered into a consolidation ranging between $137 and $148.
The stock price did a breakout in a downward direction during the start of March 2023, but the breakout did not receive a follow-up bearish momentum to sustain, which led to the formation of a support level at $136.50 level. Walmart’s price regained bullish momentum to retest and break the November high of $154.64. WMT price did a retest and retraced back to form a support at $145.50 level.
Currently, Walmart’s stock price is headed toward the annual high formed at $154.35. If bulls can push the price above the annual high, the next target for price resides at the $160 level, which will cause a rise of approximately +3.77%.
On the other hand, if bearish momentum strikes the market and the price breaks below the recent support of $145.50, there is the probability that the WMT price might bounce up after touching the trend line or might break the trend line and head toward the next support level of $136.50.
WallMart Earning Result Release
Consensus estimated the revenue of $148.93 Billion, and it turned out to be $152.30 Billion, a surprise of $3.365 Billion(2.26%). The earning per share was estimated to be $1.318, and it turned out to be $1.47, a surprise of 0.152 (11.49%). Walmart surpassed both earnings as well as revenue estimates and raised its outlook for the full year.
Will WMT Price Retest the Annual Highs?
Walmart price trades above 20,50,100, and 200-day EMAs indicating bullish momentum in the price. Chaikin money flow score is 0.04, indicating increasing strength in the market. CMF was below the 0 mark since the mid of May, and as the price gained bullish momentum, it started to rise above the 0 mark.
RSI started to rise from 35.18 and is currently at 49.50, indicating an increasing bullish strength in the market, but for a strong confirmation, RSI should rise above the 60 mark. WMT price reached the lower band of Bollinger and started to rise toward the upper band, which resides near the immediate resistance level of $154. The bands have expanded, indicating increasing volatility in the market.
Заключение
The market structure and price action for Walmart is bullish. The technical parameters favoring the buy side as there is an increase in bullish momentum. Bulls need to protect the recent support of $145.50 to continue in the upward direction.
Технические уровни
Основная поддержка: 145.50 и 136.50 долларов.
Основное сопротивление: 154 и 160 доллара.
Отказ от ответственности
Взгляды и мнения, изложенные автором или любыми людьми, упомянутыми в этой статье, предназначены только для информационных целей. Они не устанавливают финансовые, инвестиционные или другие советы. Инвестирование в криптоактивы или торговля ими сопряжены с риском финансовых потерь.
Source: https://www.thecoinrepublic.com/2023/06/04/walmart-stock-nyse-wmt-stock-wmt-price-gains-bullish-momentum/