Go to the Globe and Mail homepage

Jump to main navigationJump to main content

(Della Rollins For The Globe and Mail)
(Della Rollins For The Globe and Mail)

What the Charts Say

Bullish on Wal-Mart Add to ...

Following our Dec. 31, 2011 report (WMT: $59.76 U.S.), Wal-Mart Stores Inc. had a sharp rise to $77.60 (A) for a 30-per-cent appreciation. Subsequently the stock pulled back to its long-term rising trend-line (solid line) and to its rising 40-week moving average (40wMA – B). Recent price action (C) suggests that the stock is ready to resume the long-term up-trend. Only a decline below about $70 would reverse the current long-term positive trend.

More Related to this Story

Point & Figure measurements provide targets of $79 and $89 (8-per-cent and 21-per-cent appreciation potentials from current levels). The large trading range (dashed lines) supports higher targets.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Follow us on Twitter: @Monicarizk1, @RonsBriefs

In the know

Most popular video »

Highlights

More from The Globe and Mail

Most Popular Stories