WMT - Bounce of Lower End of Symmetrical TrianglePrice has been in a symmetrical triangle for the past several months as it takes a breather from the prior uptrend. It is currently at the lower end (support) of the triangle and looks likely to bounce (it has bounced off this support thrice before). The stock could have a lot of potential upside, especially if the symmetrical triangle breaks out past resistance in the coming months. That being said, broad market sentiment is quite bearish so I wouldn't be too surprised if support doesn't hold here. I would be a little patient and wait to see where price opens tomorrow; if it opens at or above $139 and seems to be holding that level, I would look to enter long. PT#1 is around $148-$150; PT#2 is $163; PT#3 is $180. Place your stops at $137.
Although it is still a bit early to call, numerous indicators(inflation, stark overvaluations, rising debt, massive market speculation, ukraine tensions, etc.) suggest that the economy could be heading into a recession. Walmart, being an essential big-box retailer, is one of the stocks that has the ability to weather recessions, an ability it has demonstrated several times in the past, so it could be a relatively safe long position for the coming months.
