Walmart Inc.Long
WMT Bullish
Hey guys! I'm thinking I'm bullish on WMT for several reasons. but I'll be watching the stock over the coming days depending on overall market sentiment & how SPY ends up moving. WMT as of right now, is in a downwards sloping price channel after that period of consolidation from about mid November up until February, but it's showing signs that this pullback may be over and it could take a move upwards. First, we have a bounce/touch of the long term support line. We also have a bullish engulfing with rising volume at support. The RSI is at oversold levels, and is starting to cross above the 30 level, & the MACD looks like it's starting to turn back up and may make a bullish cross.
Pair all of this with the fact that Walmart is fundamentally a good company with increasing revenues and assets year after year, news that they plan on boosting their e-commerce footprint, had a good recent earnings report, & that they're currently undervalued, I think Walmart is going to make a strong move upwards over the next couple of months.
I'm gonna be watching this stock over the next few days/week to look for a better entry (if a candle can close above the 8 MA specifically) as I think it could potentially take a little more of a dip to the $125 level, and then $122 since the market has been correcting over the past week or so, but if the chart follows this momentum off the bullish engulfing at support, I think the correction/pullback inWMT could be over, and I'll be looking to go long. Hope everyone enjoyed this analysis!
WMT for several reasons. but I'll be watching the stock over the coming days depending on overall market sentiment & how SPY ends up moving. WMT as of right now, is in a downwards sloping price channel after that period of consolidation from about mid November up until February, but it's showing signs that this pullback may be over and it could take a move upwards. First, we have a bounce/touch of the long term support line. We also have a bullish engulfing with rising volume at support. The RSI is at oversold levels, and is starting to cross above the 30 level, & the MACD looks like it's starting to turn back up and may make a bullish cross. Pair all of this with the fact that Walmart is fundamentally a good company with increasing revenues and assets year after year, news that they plan on boosting their e-commerce footprint, had a good recent earnings report, & that they're currently undervalued, I think Walmart is going to make a strong move upwards over the next couple of months.
I'm gonna be watching this stock over the next few days/week to look for a better entry (if a candle can close above the 8 MA specifically) as I think it could potentially take a little more of a dip to the $125 level, and then $122 since the market has been correcting over the past week or so, but if the chart follows this momentum off the bullish engulfing at support, I think the correction/pullback in
WMT could be over, and I'll be looking to go long. Hope everyone enjoyed this analysis! 
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