Walmart’s (NYSE: WMT) shares have surged notably in 2023, reaching a fresh all-time high this month, mirroring the broader market trend seen in the S&P 500 index. The retail giant’s stock saw a significant uptick last month after it surpassed Q2 profit and sales expectations, driven by robust grocery and e-commerce sales.
Additionally, Walmart also raised its full-year guidance, further boosting investor confidence.
Looking ahead, we turned over to the artificial intelligence (AI) algorithms on CoinCodex, seeking more insights into whether WMT can uphold its current momentum.
Walmart’s stock is expected to trade at $149.68 on November 30, suggesting a notable downside of more than 7% from its current share price, according to the AI-based predictions retrieved on September 28.
Further ahead, the algorithms predict the retail giant’s shares to bounce back to $172.05 in 6 months’ time, followed by a slight pullback to $169.6 a year from now.
Walmart stock price analysis
At the time of writing, WMT was sitting at $161.7, down 0.48% in the past 24 hours, and more than 1.1% on the weekly chart.
On the month, WMT is up by around 2.5%, while gaining over 13.4% on a year-to-date basis, compared to S&P 500’s 11.7%.
At its current level, the retailer’s shares are facing a resistance at around $162.7. Breaching this barrier would clear the way for WMT to attack its all-time high of $165.7 reached in mid-September.
On the downside, the stock is facing support close to $160.8, indicating an area where buying pressure may increase. If the stock dips below that threshold, it will face another support level at $159.1, followed by a 100-day moving average (MA) at $156.6.
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Source: https://finbold.com/ai-predicts-walmart-stock-price-for-november-30-2023/