Leading retail giant, Walmart Inc (WMT), was one of the strongest stocks in the market during early April 2020. Now lets take a look and find the next major buy level on Walmart stock. The stock bottomed on March 16th, 2020 at $102.00 a share. This low in the stock actually came before the low in the major stock indexes which was march 23, 2020. It is safe to say that Walmart stock was being viewed as a safe haven during the coronavirus panic.
It should be noted that Walmart stock peaked on April 23, 2020 at $133.38 a share. Since that high pivot, the stock has steadily declined and is currently trading around the $119.00 level. Unfortunately, the stock is now trading below its 50 and 200-day moving averages. This is putting the stock in a weak technical position on the charts. Often, when a stock is in a weak technical position it will indicate that lower prices are in the cards for the stock.
Major Buy Level On Walmart Stock: The next major support level for Walmart stock will be around the $110.00 area. This support level is where there is a gap fill from March 27, 2020. It is also where walmart stock reversed a down-trend and rallied to new all time highs. Very often, this level will be defended by the institutional crowd. I will likely be buying Walmart stock around this level, keep it on your charts and watch it closely.
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