Solid News

Walmart Inc., Technical Analysis

9/8/2022 11:42 AM

Shares of Walmart Inc., the US company that operates the world's largest wholesale and retail chain, are moving around 135.00.

On the daily chart, after reaching the support line at 130.00, the price reversed and began to correct, forming a local channel with boundaries of 130.00–145.00.

On the 4-hour chart, the uptrend has a high chance of continuation as the underlying Fibonacci 38.2% retracement at 134.20 was easily overcome. The next resistance is an intermediate Fibonacci 50.0% correction at 139.30, which will become the target for local growth.

Technical indicators confirm the upward momentum: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram has formed an upward bar in the buying zone.

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