Walmart (WMT) made an important upside breakout on the charts and remains one of just a few Dow Jones Industrial Average stocks that are in an uptrend. Let's review the charts and indicators for the next upside price target.
In this daily bar chart of WMT, below, we can see that prices broke out on the upside from a large sideways to higher consolidation pattern that extends back to at least November. Prices are above the rising 50-day simple moving-average line as well as the bullish 200-day line. The volume pattern does not show a pattern of increasing volume, but the daily On-Balance-Volume (OBV) line does show a strong move up from late December. The new high in the OBV line this month confirms and supports the idea of further price gains. The Moving Average Convergence Divergence (MACD) turned up from the middle of May for a fresh outright go long signal.
In this weekly bar chart of WMT, below, we can see what might be a large ascending triangle formation. An ascending triangle has roughly equal highs and rising lows. The pattern typically breaks out two-thirds to three-quarters of the way through the pattern and does not go to the apex. I am not sure what the weekly OBV line tells us as it has been moving in a different direction than the daily OBV line. The weekly MACD oscillator is in a bullish configuration.
In this Point and Figure chart of WMT, below, we can see the upside breakout at $106.54 and a possible price target of near $121.
Bottom line strategy: The price of WMT looks a little extended, so buyers should look for either a small dip to buy or wait for a week or two of sideways price movement. Risk below $102 with $121 as the price target.