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

By David Diaz

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. Yesterday's price range of $73.33 and $74.05 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. 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.

Over the past year, Wal-Mart Stores has traded in a range of $65.28 to $80.47 and closed yesterday at $73.47, 13% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 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.

Wal-Mart Stores has overhead space with shares priced $73.47, or 10.5% below the average consensus analyst price target of $82.08. 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 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: bullish am inside day candle wal-mart stores

Ticker(s): WMT