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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 $104.57 and $105.40 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.

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.

Wal-Mart Stores (NYSE:WMT) is currently priced 4.0% above its average consensus analyst price target of $100.82. The stock should discover initial support at its 50-day moving average (MA) of $68.03 and subsequent support at its 200-day MA of $64.80.

Wal-Mart Stores share prices have moved between a 52-week high of $105.45 and a 52-week low of $65.28 and are now trading 61% above that low price at $105.01 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.2%.

SmarTrend recommended that subscribers consider buying shares of Wal-Mart Stores on October 10th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $83.74. Since that recommendation, shares of Wal-Mart Stores have risen 25.9%. We continue to monitor WMT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle wal-mart stores

Ticker(s): WMT