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Walmart Inc., Murrey Analysis

10/31/2022 3:39 PM

Shares of Walmart Inc., the US company that operates the world's largest wholesale and retail chain, rose for three weeks in a row but have now turned around 128.12 ([1/8]).

At present, the price has moved into the positive zone of Murrey's trading range and is close to the pivot level 143.75 ([6/8]), consolidation above which will allow the rate to strengthen up to 146.88 ([7/8]) and 150.00 ([8/8]). The key "bearish" level is the central level of the trading range 137.50 ([4/8]), a downward breakdown of which will ensure the resumption of the decline to 134.38 ([3/8], the middle line of Bollinger Bands) and 131.25 ([2/8]).

Technical indicators reflect that the upward trend in the market is continuing: Bollinger bands are reversing upwards, and MACD is growing in the positive zone. A possible exit of Stochastic from the overbought zone does not exclude a corrective decline, but its potential is limited.

Resistance levels: 143.75, 146.88, 150.00. | Support levels: 137.50, 134.38, 131.25.

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