Good technical signals and a possible breakout for WALMART INC.

A possible breakout setup was detected on WALMART INC (NYSE:WMT) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:WMT.

Technical analysis of NYSE:WMT

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall WMT gets a technical rating of 8 out of 10. 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 term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that WMT is one of the better performing stocks in the market, outperforming 72% of all stocks. On top of that, WMT also shows a nice and consistent pattern of rising prices.
• WMT is one of the better performing stocks in the Consumer Staples Distribution & Retail industry, it outperforms 74% of 40 stocks in the same industry.
• WMT is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so WMT is performing more or less in line with the market.
• In the last month WMT has a been trading in a tight range between 58.55 and 60.89.

For an up to date full technical analysis you can check the technical report of WMT

How does the Setup look for NYSE:WMT

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:WMT has a 8 as its setup rating, indicating its current consolidation status.

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 59.72. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 59.52, a Stop Loss order could be placed below this zone.

How to trade NYSE:WMT?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

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.

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.