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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $74.92 and $75.58 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. Traders and investors interested in shares of Wal-Mart Stores may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Wal-Mart Stores have traded between a low of $65.28 and a high of $80.47 and are now at $75.51, which is 16% above that low price. 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%.

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.

There is potential upside of 8.8% for shares of Wal-Mart Stores based on a current price of $75.51 and an average consensus analyst price target of $82.19. 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.

SmarTrend is monitoring the recent change of momentum in Wal-Mart Stores. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wal-Mart Stores in search of a potential trend change.

Keywords: bullish inside day candle wal-mart stores

Ticker(s): WMT