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

By Amy Schwartz

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 $86.39 and $87.15 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.

There is potential upside of 14.9% for shares of Wal-Mart Stores based on a current price of $86.49 and an average consensus analyst price target of $99.36. The stock should hit resistance at its 200-day moving average (MA) of $90.56, as well as support at its 50-day MA of $84.65.

Over the past year, Wal-Mart Stores has traded in a range of $73.13 to $109.98 and is now at $86.49, 18% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood markets. The Company's discount stores and supercenters offer merchandise such as apparel, housewares, small appliances, electronics, and hardware. Walmart's markets offer a full-line supermarket and a limited assortment of general merchandise. The Company operates nationally and internationally.

SmarTrend recommended that its subscribers protect gains by selling shares of Wal-Mart Stores on February 5th, 2018 by issuing a Downtrend alert when the shares were trading at $100.85. Since that call, shares of Wal-Mart Stores have fallen 13.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle wal-mart stores

Ticker(s): WMT