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

By David Diaz

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. Yesterday's price range of $95.14 and $96.69 is within the prior day'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.

Potential upside of 4.0% exists for Wal-Mart Stores, based on a current level of $95.58 and analysts' average consensus price target of $99.36. The stock should find initial support at its 50-day moving average (MA) of $94.40 and further support at its 200-day MA of $92.05.

In the past 52 weeks, Wal-Mart Stores share prices have been bracketed by a low of $81.78 and a high of $106.21 and closed yesterday at $95.58, 17% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% 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 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 am inside day candle wal-mart stores

Ticker(s): WMT