WMT BullishHey guys! I'm thinking I'm bullish on $WMT for several reasons. but I'll be watching the stock over the coming days depending on overall market sentiment & how SPY ends up moving. $WMT as of right now, is in a downwards sloping price channel after that period of consolidation from about mid November up until February, but it's showing signs that this pullback may be over and it could take a move upwards. First, we have a bounce/touch of the long term support line. We also have a bullish engulfing with rising volume at support. The RSI is at oversold levels, and is starting to cross above the 30 level, & the MACD looks like it's starting to turn back up and may make a bullish cross.
Pair all of this with the fact that Walmart is fundamentally a good company with increasing revenues and assets year after year, news that they plan on boosting their e-commerce footprint, had a good recent earnings report, & that they're currently undervalued, I think Walmart is going to make a strong move upwards over the next couple of months.
I'm gonna be watching this stock over the next few days/week to look for a better entry (if a candle can close above the 8 MA specifically) as I think it could potentially take a little more of a dip to the $125 level, and then $122 since the market has been correcting over the past week or so, but if the chart follows this momentum off the bullish engulfing at support, I think the correction/pullback in $WMT could be over, and I'll be looking to go long. Hope everyone enjoyed this analysis!
