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Walmart Inc., Technical Analysis

8/26/2022 11:33 AM

The shares of Walmart Inc., the US company that operates the world's largest wholesale and retail chain, are trading at 135.00.

On the daily chart, the price is correcting upwards after a significant decline, forming a local ascending channel with boundaries of 120.00–140.00, and after overcoming the intermediate correction level of 50.0% at 139.00, the quotes went down.

The four-hour chart shows that the upward correction can be considered completed since almost all Fibonacci retracement levels have been reached. Currently, the trading instrument is preparing to consolidate below the base correction level of 38.2% Fibonacci around 134.00, the breakdown of which will be the main marker of a reversal.

Technical indicators confirm the decline: the range of fluctuations of the EMA on the Alligator indicator began to actively narrow, and the histogram of the AO oscillator is forming downward bars in the buying zone.

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