WMT appears to have formed 2 bottoms and the bottom of the rectangle, and close to a third bottom at that level. For now the bulls have made a stand here.
WMT is meeting resistance right now. If the support of the bottom trendline holds in the rectangle, then WMT should at least make a run to the upside.
Rectangles are horizontal trading channels and are neutral. Some do swing trade inside of the rectangle boundaries but rectangles do eventually break one way or the other eventually.
Possible stop under the bottom trendline of the rectangle.
WMT has had 5 touches so far.
No recommendation.
WMT is meeting resistance right now. If the support of the bottom trendline holds in the rectangle, then WMT should at least make a run to the upside.
Rectangles are horizontal trading channels and are neutral. Some do swing trade inside of the rectangle boundaries but rectangles do eventually break one way or the other eventually.
Possible stop under the bottom trendline of the rectangle.
WMT has had 5 touches so far.
No recommendation.
Note
I think Walmart is here to stay. I am trying to invest in things that are not going anywhere in my lifetime and price is not at a top right now, to make it through this possibly hard winter ahead! I even bought IBM and PG a while back. I am in defensive mode and own a ton of XLU etc. WMT bounced this time close to support line of the rectangle/My fingers are staying crossed on WMT.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.