Wal-Mart Stores, Inc. WMT shares are trading lower by $0.73 at $59.16 in Monday's session. Its rally that took the issue from its four-year low of $56.30 to $61.47 appears to running out of steam.
In today's session, it recovered from a lower open to have a brief rally that peaked just above its Friday's close ($59.89) at $60.06. The decline gathered momentum when it pierced the quad of lows from last week between $59.86-$59.88.
It reached $58.84 and has recovered into the $59 handle for now. If the decline continues, there not any major support levels until $58.03, which was the top of trading the day before it got a boost from its better-than expected Q3 report.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Do you like this article? Do you have suggestions for improvement? Please email feedback@benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
