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Based on good technical signals, WALMART INC is potentially setting up for a breakout.

By Mill Chart

Last update: Apr 15, 2024

Our stock screener has identified WALMART INC (NYSE:WMT) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:WMT.

WMT Daily chart on 2024-04-15

Analyzing the Technical Aspects

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, WMT scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, WMT is showing a nice and steady performance.

  • The long and short term trends are both positive. This is looking good!
  • Looking at the yearly performance, WMT did better than 80% of all other stocks. On top of that, WMT also shows a nice and consistent pattern of rising prices.
  • WMT is part of the Consumer Staples Distribution & Retail industry. There are 41 other stocks in this industry. WMT outperforms 77% of them.
  • WMT is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so WMT is leading the market.
  • In the last month WMT has a been trading in a tight range between 58.88 and 61.66.

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

Looking at the Setup

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:WMT exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

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 60.32. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 59.84, a Stop Loss order could be placed below this zone.

How can NYSE:WMT be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

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

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.

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WALMART INC

NYSE:WMT (5/24/2024, 7:04:46 PM)

After market: 65.33 -0.05 (-0.08%)

65.38

+0.54 (+0.83%)

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