Walmart is pulling back aggressively on what is a technical correction following deeply overbought RSI levels on the 1W timeframe. The 1D technical outlook has already turned bearish (RSI = 41.808, MACD = 0.470, ADX = 29.295) and is expected to extend towards at least the 1D MA100, as per all prior systemic pullbacks inside a logarithmic Channel Up pattern that started in November 2015.
We estimate a low risk buy entry level at 57.00, with the ideal extension being on the 1W MA50. Our end of year target is a little under a +96.90% rise (TP = 73.00). The stock has completed this kind of rise on both prior Bullish Waves of the Channel Up before deep corrections near its bottom.
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