WMT tanks -1.9% on high volume


Wal-Mart Stores (WMT) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
WMT tanks -1.9% on high volume
WMT breaks key support level
WMT dominated by bears dragging the market lower throughout the day
WMT breaks below 20-day moving average
WMT ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 88% Bearish
Technical Forecast:
Overview

WMT ended Thursday at 84.49 tanking $1.64 (-1.9%) on high volume. This is the biggest single day loss in over a week. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 84.74, Wal-Mart confirms its breakout through the prior session's low having traded $0.89 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for WMT
Volatility

Thursday's trading range was $3.74 (4.3%), that's far above last trading month's daily average range of $1.60. Weekly volatility is also higher, being above the markets average with the monthly volatility being above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Even with a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 83.77. Breaking below the key support level at 85.57 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The stock broke below the 20-day moving average at 85.89 today for the first time since May 7th.

Conclusion

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

Market Conditions for Wal-Mart Stores
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Doji TQ Pro Members Only
Close near low of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

WMT breaks below previous session low

Aug 17, 2018
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