WMT has been in a trading range for almost a year. Then yesterday, on earnings, price gapped up - breaking previous resistance. How good a buy opportunity is this?
On the weekly chart the 50ma is flat - this gives an indication that the trend is flat. After a year of no trend it would be far too early to get into a long-term long position. While price is bullish, there isn't any real conviction of a strong bull trend.
On the daily chart, however, yesterday price gapped up through the resistance on high volume (due to earnings). In the near-term there may well be further movement to the upside so a quick profit could be realised.
Overall, however, this stock needs to retest the previous resistance ($81.37) before a good, longer-term buy opportunity takes hold.
On the weekly chart the 50ma is flat - this gives an indication that the trend is flat. After a year of no trend it would be far too early to get into a long-term long position. While price is bullish, there isn't any real conviction of a strong bull trend.
On the daily chart, however, yesterday price gapped up through the resistance on high volume (due to earnings). In the near-term there may well be further movement to the upside so a quick profit could be realised.
Overall, however, this stock needs to retest the previous resistance ($81.37) before a good, longer-term buy opportunity takes hold.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Web: dt.live
Instagram: instagram.com/dynamictrader
Twitter: twitter.com/dynamictrader
Instagram: instagram.com/dynamictrader
Twitter: twitter.com/dynamictrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.