Walmart Stock Price Levels to Watch After Post-Earnings Surge to Record High | Global News Avenue

Walmart (WMT) shares were slightly higher on Wednesday morning after hitting a new high yesterday. Strong earnings report From the retail giant.

period Earnings Conference CallCEO Douglas McMillon told analysts that the retailer continues to capture market share from: high income familiesadding that as these consumers embrace the company’s products, he expects the trend to continue Affiliate Program and same-day delivery service.

Walmart shares were up slightly in recent trading to around $87, after hitting an all-time high of $88.29 on Tuesday. The stock has gained 65% since the beginning of the year, handily surpassing S&P 500 Index The return over the same period was 23%.

Next, let’s break it down technical On Walmart’s chart, identify important post-earnings price levels that investors may be concerned about.

Shooting star signals potential reversal

After bottoming out slightly below 200-day moving average Walmart shares rise in December, two stocks gain Breaking gap Distinguish between three different trend movements.

Although shares rise to new highs All Time High (ATH) On Tuesday, the closing price was close to the opening price, forming a meteorreverse candlestick patternwhich consists of a small real body with a long upper shadow, appears after an extended uptrend.

It’s also worth pointing out that the Shooting Star pattern formed on the daily highs volume May indicate buying since late September exhausted.

Below we mainly divide it into three categories support level On the Walmart chart, bar patterns are also applied to analyze the stock’s current upward trend.

Major support levels to watch

The first key lower level to watch is around $81. The area may have support nearby trend line It connects a series of similar trading levels on the chart between mid-September and late October.

A close below that level would open the door to a drop to the $71 area, a level on the chart where investors could look for buying opportunities near the famous July high swing. Depending on the timing of this move, this area could also align with the rising 200-day moving average.

Further selling could allow the stock to fill the mid-May gap and move back toward major support near $61. Bargainers may look for buy and hold Opportunities in this area near Gemini peak March formed on the chart.

Bar chart analysis

Investors can use bar charts to gain insight into the stock’s third trend phase, which seems to be very similar to the first trend phase.

To predict the target using this tool, we take the price bars from the first move and position them from the low of the third trend cycle. The price target is expected to be around $89, slightly above the high the stock hit Tuesday.

Further analysis of the first trend move revealed that the move lasted for 69 trading days before the stock consolidated. Interestingly, the current uptrend has lasted 67 trading days, suggesting the stock may be about to enter a new phase. merge Price history rhymes with stages.

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As of the date of this writing, the author did not own any of the securities mentioned.