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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 $115.59 and $115.86 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.

In the past 52 weeks, shares of Wal-Mart Stores have traded between a low of $95.64 and a high of $125.38 and are now at $115.70, which is 21% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.2%.

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

Wal-Mart Stores (NYSE:WMT) is currently priced 14.1% above its average consensus analyst price target of $99.36. The stock should find resistance at its 50-day moving average (MA) of $117.47, as well as support at its 200-day MA of $113.67.

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