Walmart (Thursday’s close $155.69) WMT-N has been trading above a long-term rising trendline since 2015 (partially shown). It had a sharp rise in 2020 (A-B) and then ran into resistance at $155-160 (shaded area). The stock experienced a reversal in 2022 when it fell below the 40-week Moving Average (40wMA), however the decline was halted by the long-term rising trendline (C).
Walmart has since rallied back to resistance at $155-160; a sustained rise above $160 would signal a breakout and the start of a new up-move.
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (dotted line) confirm the bullish status. There is good support near $150-152; only a sustained decline below this level would cancel the current upside potential.
A sustained rise above $160 would signal Point & Figure targets of $180 and $200. Potentially higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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