Stock of the Day: Walmart

Walmart is setting up for a bullish continuation on the daily chart, where we can see the price escaping from a symmetric triangle pattern to the upside. While the lower boundary of the triangle can be drawn in two ways, the upper line has been the key resistance, and the breakout through it is the real signal here.

• The breakout confirms a buy signal, with the price leaving the consolidation zone convincingly.

• The target is the red horizontal resistance around $105, which marks the high from February. Given current momentum, the odds of reaching this level are high.

The only bearish trigger would be a return back inside the triangle, which at the moment looks unlikely. As long as price stays above the broken upper trendline, bullish sentiment remains intact.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-walmart-1