EarningsBeats.com Digest for November 19, 2021
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Walmart, Inc. (WMT) Makes A Holiday Bounce
Gap support and resistance levels are areas where I look for buyers and sellers, respectively, to show up. On October 19th, WMT jumped roughly 3 bucks higher after closing the previous day at 141.68. Volume that day was above average and WMT continued pushing higher for the next 2-3 weeks. After printing a bearish engulfing candle at the
top to reverse the trend, WMT fell all the way back to that key gap support level - even falling a bit beneath it intraday - before reversing. Check it out:
From a trading perspective, these short-term signals are very important. From the look of WMT's chart, I'm not a fan quite honestly. It's downtrending vs. the benchmark S&P 500, setting a new 52-week relative low this week. It's also trading close to a 52-week relative low vs. its peers, which, in turn, have been extremely weak on a relative basis. I want to see renewed strength before I'd be interested longer-term. Short-term,
however, I'd expect Thursday's reversal at gap support to be a bullish signal. Perhaps we'll get a 20-day EMA test and then go from there.
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Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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