WALMART INC (NYSE:WMT) showing some interesting technicals. Here's why.

Our stockscreener has identified a possible breakout setup on WALMART INC (NYSE:WMT). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:WMT for potential opportunities.

Technical Analysis Observations

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 8 out of 10 to WMT. Both in the recent history as in the last year, WMT has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that WMT is one of the better performing stocks in the market, outperforming 83% of all stocks.
• WMT is one of the better performing stocks in the Consumer Staples Distribution & Retail industry, it outperforms 85% of 42 stocks in the same industry.
• WMT is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month WMT has a been trading in a tight range between 155.02 and 162.99.

Our latest full technical report of WMT contains the most current technical analsysis.

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:WMT has a 9 as its setup rating:

Besides having an excellent technical rating, WMT also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 161.58. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 159.35, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:WMT

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.