Market Overview

Wal-Mart Post-Earning Rally Fades

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Wal-Mart Stores, Inc. (NYSE: 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.

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Posted-In: Premarekt outlookTechnicals Intraday Update Movers Trading Ideas

 

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