Walmart Inc. (WMT) is expected to report earnings Thursday before the market opens for trading. The report will be for the fiscal quarter ending April 2023.
I last wrote about WMT on April 21 and said, "Nothing is 100% for sure but I really like the upside potential I see from the charts of WMT right now. Aggressive traders could go long WMT at $154 and again at $160. Risk to $148."
Traders should have gone long on Wednesday, May 10.
Let's review the charts again.
In the daily bar chart of WMT, below, I can see that the share have trended higher the past 12 months. WMT trades above the rising 50-day moving average line and above the 200-day moving average line.
The On-Balance-Volume (OBV) line shows a rise from last May telling me that buyers of WMT have been more aggressive than sellers the past year. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line.
In this weekly Japanese candlestick chart of WMT, below, I see a chart that looks poised to push higher. The shares trade above the rising 40-week moving average line.
The weekly OBV line shows a rise from October. The MACD oscillator is in a bullish alignment above the zero line.
In this daily Point and Figure chart of WMT, below, I can see that the software is projecting an upside price target in the $191 area. A trade at $158 should refresh the uptrend.
In this weekly Point and Figure chart of WMT, below, I can see the same upside price target of $191.
Bottom-line strategy: Traders who went long WMT at $154 should continue to hold. I have no special knowledge of what the company will tell shareholders Thursday morning but I get the sense that prices of WMT can move higher. Add to longs above $158 and $160. The $191 area is my price target.
