The world's biggest retailer by revenue is Walmart (WMT) and its stock bottomed in May of last year. Prices are poised to challenge their late 2022 highs and could inspire the other 29 members of the Dow Jones Industrial Average (DJIA) to do better.
Let's check the charts and indicators.
In this daily bar chart of WMT, below, I can see that prices are trading above the rising 50-day moving average line and above the rising 200-day moving average line. The trading volume histogram shows an increase in turnover the past six weeks.
The On-Balance-Volume (OBV) line shows a rise from May and is confirming the price gains of the past 12 months. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly Japanese candlestick chart of WMT, below, I can see some "green shoots". Prices are trading above the rising 40-week moving average line. The weekly OBV line has been firm since June and shows a promising rise in March. The MACD oscillator is above the zero line and crossing to the upside in a fresh outright buy signal. The most recent candles are white (bullish) with no upper shadows.
In this daily Point and Figure chart of WMT, below, I can see an upside price target of $179. A trade at $154 and $160 are needed to refresh the upside move.
In this weekly Point and Figure chart of WMT, below, I can see the same upside price target of $179 as shown on the daily chart above.
Bottom line strategy: WMT looks like it can grind higher but it will probably take a few more names in the DJIA to get it moving northward.
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