AnneTrader
Long

WMT gaps up on earnings

NYSE:WMT   WAL-MART STORES INC
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.
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