WMT tanks -1.9% on high volume


Wal-Mart Stores (WMT) Technical Analysis Report for May 17, 2018

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

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 Candlestick Chart (WMT as at May 17, 2018):

Daily technical analysis candlestick chart for Wal-Mart Stores (WMT) as at May 17, 2018

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.

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.

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.

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.


Market Conditions for WMT as at May 17, 2018

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WMT closes within previous day's range

Oct 15, 2018
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