Walmart Inc. (WMT) has moved into the Favored zone of the SIA S&P 100 Index Report on September 25th for the first time in 3 years. It has since moved up 5 spots over the last month and currently holds the 23rd spot in the rankings. The retail giant is a mass merchandiser of consumer products operating supercenters, supermarkets, warehouse clubs, and discount stores employing over 2.1 million full-time people. Walmart was mostly in a trading range from the end of 2020 to March of 2023 between $130 and $147 moving sideways except in the spring of 2022. WMT looks to have broken out of this sideways pattern into an upwards channel which it hit new highs at $165 in Q3. Now trading just below this upwards channel at $155, Walmart is trying to hold in this higher level.
WMT is currently in a Hammer candlestick chart pattern after trading significantly lower than its open, but rallying as buyers absorb the selling pressure and push the market price back near the open.
Looking at a point and figure chart at 2%, Walmart Inc. (WMT) had broken through to new all-time highs on a dividend-adjusted chart back in July. It moved into a positive spread double top chart pattern after moving above $157. It has since come off a little bit from its high and could come down to the first support level at $150.91. Further support is just below this level at $145 should this level not hold.
To the upside, resistance can be found around $170. Further support can be found above at $180.35.
With a SMAX score of 10 out of 10, WMT is showing near-term strength across all asset classes.
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