WBA Stock Price: Will WBA Ever Turn into A Bullish Trend?

• WBA stock price is consistently making lows and lower highs. 
• Trading oscillators are showing divergence in momentum.

Walgreens Boots Alliance Inc. (NASDAQ: WBA)  operates across the American and European continents and is headquartered in Illinois, United States of America. It is a retail company that offers, beauty, and personal care products, through online and local drugstores. Additionally, it also offers pharmacy products, and health and wellness services.

Recent Stock and Financial Actions of the WBA

Overall, the company has been performing balanced in the last few years. According to the annual statement for 2023, it generated gross revenue of $139.08 Billion increased by 4.81% compared to the previous year. However, it has experienced negativity in profit margins. 

WBA earnings per share for the third quarter is only $0.67 whereas the net profit margin has increased by 60.16% as per the year-to-year change. This also reflected in the stock price which is decreased by more than 19% of its value.

Nevertheless, the price tried to climb above the $25.75 resistance level but failed miserably in the current month. Right now, it is taking support from the $20.49 seems to form a double-bottom pattern. 

The WBA stock price is currently performing near its 52-week low level at $20.48 while having a yearly target of $27.00 within the yearly range. It has a current market capitalization of $18,911,090,441 along with an average volume of 13.22 Million.

Is WBA Price Forming a Double Bottom Pattern?

WBA stock price is consistently facing resistance from the 50-day EMA reflecting the strong bearish trend. The price is currently trading below the 200-day EMA and the 50-day EMA. However, if it manages to break above the 50-day EMA, then a short upsurge will be expected. 

At press time, WBA stock price is trading at $21.70 after taking multiple support from the $20.49 immediate support level. In the last trading session, it formed a bearish rejection candle at $ 22.20 reflecting the sellers trading perspective. Suppose, the price closes above that level, it may be seen rising toward the $24.93 resistance. 

The relative strength index (RSI) has shown a bullish divergence from the oversold territory. This indicates the current trading sentiments of the buyers. At present, the RSI is sloping toward the middle band at 50-mark. 

Conclusion

The WBA stock price is performing in a strong downtrend followed by the trendline. It is facing consistent resistance from the 50-day EMA. The price seems to form a double-bottom at the $20.49 support level, it could become a pivotal point for the bullish reversal. At press time, it is moving toward the trendline formed above. If the price faces resistance from that line, it may drop to the $20.49 level. In other case, if it closes below the $20.49 support, it may fall to the $16.59.

Technical Levels

• Resistance levels: $25.75 and $31.46
• Support levels: $20.49 and $15.96

Disclaimer

The views and opinions stated by the author, or any person named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading stocks comes with the risk of financial loss.