By Mill Chart
Last update: May 13, 2024
WALMART INC (NYSE:WMT) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:WMT.
At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.
Overall WMT gets a technical rating of 7 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, WMT is only an average performer.
Check the latest full technical report of WMT for a complete technical analysis.
Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:WMT is 8:
Besides having an excellent technical rating, WMT also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 60.88. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 60.14, a Stop Loss order could be placed below this zone.
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.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Our Breakout screener lists more breakout setups and is updated daily.
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.