WMT rockets 1.33% on high volume


Wal-Mart Stores (WMT) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
WMT rallies 1.33% on high volume
WMT pushes through key resistance level
WMT dominated by bulls lifting the market higher throughout the day
WMT ends the day on a bullish note closing near the high of the day
WMT finds buyers again around 88.65
TQ Sentiment
Report Sentiment: 80% Bullish
Technical Forecast:
Overview

WMT ended the week 0.66% higher at 90.19 after surging $1.18 (1.33%) today on high volume. This is the biggest single day gain in over four weeks. Today's closing price of 90.19 marks the highest close since February 27th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 89.63, the market confirms its breakout through the previous session's high having traded $0.74 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for WMT
Volatility

Friday's trading range was $1.72 (1.94%), that's far above last trading month's daily average range of $1.04. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 88.65 and 90.37 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Regardless of a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 89.43 today, it is now likely to act as support going forward. After having been unable to move lower than 88.76 in the previous session, the stock found buyers again around the same price level today at 88.65.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Wal-Mart Stores
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
Gap Up TQ Pro Members Only
Black Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

WMT soars 9.33% on high volume

Aug 16, 2018
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