This morning,leading retail giant, Walmart Inc (WMT), is declining sharply after reporting earnings. Obviously, Wall Street was not impressed with the numbers as the stock is trading lower by 5.8% to $138.56 a share. Traders should note that Walmart Inc (WMT) shares are now trading below the important 50-day moving average. The stock has also fallen below its February 1st, 2021 pivot low. This is usually indicating further weakness ahead for the retail giant.
The next key support level for Walmart Inc (WMT) will be around the $128.00 level. This major support level is where the stock broke out of a sideways base in late August 2020. Often, stocks will be defended around prior breakout levels when retested. The $128.00 area is also a major retrace level which should add to the support area. The $128.00 level should be solid for a bounce play in the stock.
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