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- WMT Stock has grown 29.44% in one year.
- WMT Stock delivered a year-to-date performance of 10.23%
- WMT Stock climbs closer to its all-time high.
Walmart stock price continues to deliver steady growth and remains strong amidst global economic tensions. Walmart has been pleasing the bulls since June 2022 as the market started recovering from its correction. WMT stock price closed the trading session on 04/07/2023 at $158.20 with a rise of 0.65% over the previous day.
Walmart Canada recently announced the launch of a delivery pass. This pass will offer customers unlimited free next-day deliveries on a wide variety of items with a subscription of less than $2 a week.
WMT Stock Price: Will the Price Print a New High?
WMT stock price travels in a strong uptrend. The daily chart represents the bullish market structure where the price makes higher highs. The price began ascending in March 2023 and so far it delivered a great return of 15.90%. The stock price moves closer to its all-time high price of $160.80.
The month of June 2023 witnessed a pullback to the support of $154.21. The price created a bull pennant structure and broke out of it last week. This may push the prices high enough to break the all-time high with a target of $167. The price bounced after taking support from the 9 and 16 EMA and surged by 2%.
Can the Bullish Rally Break the Resistance of $160?
The 4-hour chart shows that Walmart is extremely bullish in the short term. The buyers get greedy as the prices rise. The bears are afraid to sell here due to the buying pressure. WMT stock closed yesterday on its resistance. The final candle was a bullish engulfing candle which shows the strength of the buyers.
The technical indicators also compliment the bullish sentiments of the market. The stock price is trading above the 9, 15 and 200 EMA which is a sign of a strong uptrend. According to the price action, there is a high probability that the market may soon break its all-time high and ascend to new heights.
RSI: The RSI indicator shows the value 67.10. This represents overbought market conditions and the strong strength of the buyers in the market. The bulls are willing to buy as the price rises. According to RSI, prices may continue to remain overbought as long as buyers keep buying
MACD: The MACD is attempting a bullish crossover above the 0 line. This is a sign that the correction phase may be ending and the market may regain its bullish momentum to push the prices higher.
200 EMA: The price is trading above the 200 EMA(exponential moving average) which acts as a significant support. This is a clear indication of an uptrend where the buyers are in control and for a trend reversal, the price must break and trade below the 200 EMA.
Summary:
WMT stock price continues to deliver steady growth and remains strong amidst global economic tensions. The market is extremely bullish and inches away from breaking its all-time high. The price action highlights the probability of fresh all-time highs. Investors are advised to navigate the volatility with a good risk-management plan.
Technical levels
Support Levels: $155 and $150
Current Price: $154.20
Resistance Levels: $158.46 and $160.62
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
