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Possible Bearish Inside Day Candle Pattern Detected for Wal-Mart Stores (NYSE:WMT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wal-Mart Stores (NYSE:WMT) based on the price action in the company's shares. Today's price range of $118.76 and $118.98 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Wal-Mart Stores may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Wal-Mart Stores has traded in a range of $85.78 to $119.86 and is now at $118.80, 38% above that low. The 200-day and 50-day moving averages have moved 0.43% higher and 0.29% higher over the past week, respectively.

Walmart Inc. engages in the retail and wholesale operations in various formats worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club. It operates supercenters, supermarkets, hypermarkets, warehouse clubs, cash and carry stores, discount stores, drugstores, and convenience stores; membership-only warehouse clubs; e-commerce Websites, such as walmart.com, jet.com, shoes.com, and samsclub.com; and mobile commerce applications.

Wal-Mart Stores (NYSE:WMT) is currently priced 16.4% above its average consensus analyst price target of $99.36. Wal-Mart Stores shares have support at the 50-day moving average (MA) of $113.92 and additional support at the 200-day MA of $104.85.

SmarTrend is tracking the current trend status for Wal-Mart Stores and will alert subscribers who have WMT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle wal-mart stores

Ticker(s): WMT