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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 $119.21 and $121.00 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, Wal-Mart Stores share prices have been bracketed by a low of $85.78 and a high of $125.38 and are now at $120.09, 40% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.3%.

Wal-Mart Stores (NYSE:WMT) is currently priced 17.3% above its average consensus analyst price target of $99.36. The stock should find initial support at its 50-day moving average (MA) of $118.25 and further support at its 200-day MA of $108.02.

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.

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