Walmart stock ( WMT ) price is maintaining its gains above $150 and points to bullish activity from the past trading sessions. Furthermore, the stock is staying above the 20-day EMA and is reflecting a positive outlook.
The price action is demonstrating a noteworthy pattern of consistently forming higher highs, indicating a bullish trend. Moreover, it has successfully surpassed the resistance level at $150, further affirming the upward momentum.
During recent sessions, the WMT stock experienced a temporary pause in its upward trajectory around the $158 mark, signaling a potential retracement. This retracement indicates a temporary reversal or pullback in the stock’s price following the uptrend. Although bulls are actively maintaining the gains, a correction was observed at the recent peak.
In the past weeks, Walmart stock showed breakout of the symmetrical triangle pattern and broke its trendline above $140 and continued to rise in an uptrend. Furthermore, sellers were trapped in the rally, resulting in the massive rally of the stock.
Walmart Inc. operates retail, wholesale, and other units, as well as eCommerce, and its businesses are located throughout the United States, Africa, Canada, Central America, Chile, China, India, and Mexico. The Company provides an assortment of merchandise and services at everyday low prices (EDLP).
At press time, Walmart stock was traded at $154.46 with a surge of 0.19%, indicating a prevailing state of neutrality. The intraday trading volume was noted at 6.417 million. The ongoing trend of the stock is bullish, with the bulls effectively maintaining the acquired gains.
WMT Floats Near the Top on the Daily Charts
On the daily charts, WMT stock is showing an inclined move and is staying on the top, indicating the bullishness of the stock. Additionally, recent price action indicates that sellers have been observed engaging in profit booking during the previous sessions. As a result, the price is now heading towards a retest of the 20-day Exponential Moving Average (EMA) level, following a downward movement.
According to the Fibonacci retracement levels, the WMT stock is approaching a potential support level of 61.8%. Despite the recent retracement, the overall trend remains favorable for the bulls. After successfully retesting the 20-day EMA range, it is reasonable to anticipate a continuation of the uptrend in the upcoming sessions.
What Does WMT Stock Suggest on Short-Term Charts?
On the 4-hour charts, WMT stock showed a slight corrective move from the top and showed signs of profit booking, which made the price head towards the 20-day EMA.
The WMT stock has fallen below the mid Bollinger Band, indicating a corrective move in its price. This decline has prompted sellers to initiate short positions in the stock.
The RSI curve showed a steep decline from the overbought zone and dragged below 50, thereby forming a negative divergence resulting in the correction of the stock.
The MACD indicator also shows a negative outlook based on the bearish crossover shown on the charts.
Conclusion:
Walmart stock is maintaining its gains at the top and continues to maintain a strong bullish momentum.
Technical Levels-
Resistance level- $158 and $162
Support level- $150 and $145
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/22/walmart-stock-nyse-wmt-price-stays-on-top-what-next/