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RICK WILKING/RICK WILKING/REUTERS



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.

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.

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Chart source: www.decisionplus.com

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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