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Bart's Charts: Walmart Bouncing Off Key Technical Support

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Wal-Mart Stores, Inc. (NYSE: WMT) hit the support area and has been climbing. certainly appears the high 60’s could be in play? Please see below.

hope you had a great Festivus w/ family and friends.

spend some time working thru this post from the bottom up …
rock on, ok?

Bart

Just a heads up … were “there” or “close” w/ regards to potential WMT support.

Here’s the picture of $WMT in 2013 – sure looked, at the time, we were finishing 5 waves and the circle area was the target area for a “potential” top.

Target was hit and yesterday the move rally began. Hard to believe it’s roughly 2 years ago that this pattern was ID’d and it took that long for it to start to make the “news” so to speak. Anyway, now that the chaos and news is getting ahold of it, believe a look at a potential long swing trade in the mid to low 50’s is reasonable.

Here’s the daily chart … note the square root target of 56 lands right on the .382 retracement from the all time low. I like that … watch that 55-56 level.

Just another math thing … 90/1.618 = 56. Another reason to like the level.

Here’s the weekly 1/8th projection method …

55-56 sure seems like it’s key WHICH MEANS IF IT FAILS THEN WE GOT SOMETHING REALLY WRONG AT THE CIRCLE K.
B

Check out Bart's Charts for more Advanced Pattern Recognition.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Long Ideas Technicals Trading Ideas

 

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