Leading retail stock, Walmart Inc (WMT), has been pulling back after making a new all time high on August 18, 2020. At that time, the stock traded as high as $137.63 a share. Today, shares of Walmart Inc (WMT) are breaking below the important 20-day moving average. They are now trading at $130.48 a share. The stock looks to be working off an overbought condition as the stock got very extended last week.
Traders and investors should note that the stock should have very solid chart support around the $123.00 level. This is where the stock broke out from a bearish base on July 7th, 2020. Often, when stocks backtest their prior break-out levels they will be defended by the institutional crowd. This is a level where I would look to get into a long side trade in Walmart Inc.
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