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(RICK WILKING/RICK WILKING/REUTERS)
(RICK WILKING/RICK WILKING/REUTERS)

What the Charts Say

Bullish on Wal-Mart Add to ...



Following our previous report (March 20, 2010 – $55.34 U.S.) Wal-Mart Stores Inc. completed the second part of a bullish technical base known as a Duplex Horizontal. This base was made up of two trading ranges, where the first was between $47 and $53 and the second between $48 and $56 (dashed lines). The recent rise to $60 (A) signalled the breakout and the start of a new major up-leg. Only a decline below the 40-week moving average (currently at about $55) would be negative.

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Point & Figure measurements provide targets of $67 and $79. The large base 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. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

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