Earnings November 16th. There is a gap below price where support may be found or perhaps under lower bottom.
WMT appears to have encountered resistance from a prior gap down, and possibly from the 200 SMA. Moving averages can provide support and resistance levels. There will most likely be resistance at the top of that gap as well. Moving averages are lagging indicators. Price is a leading indicator. The 20 Daily SMA which is the shorter moving average on this chart and is blue, has crossed down through the 50 and the 100. The 3 longer term moving averages, the 50, 100 and 200 are where they should be, but price is underneath these moving averages. The moving averages need some work for sure.
The top wick of today's candle is a bit long and can point to volatility and a struggle to break a resistance level. Both support and resistance levels were made to be broken or price would never move or would be in a tight range all of the time. Bollinger bands are not on this chart but price came close to the bottom band set on an 80 SMA. Price pierced the bottom band when set on a 20 SMA which is the normal setting for bollinger bands.
If price pierces the top trendline of the gap, chances are the gap will fill as there is no recent price action inside the gap.
3 candle pattern before todays green candle which gapped up. 3 Inside up consists of a bullish Harami (Candle 1 is a red candle with a smaller green candle the next day and the body of the 2nd candle fits inside the red candle) Then a third green candle which some use as confirmation of the Harami. Harami's can also be bearish and and are a 2 candle pattern. In a bearish Harami the first candle is a good sized green candle followed by a smaller red candle that fits inside candle #1. The confirmation candle, 3rd candle, would be a red down candle confirming the bearish Harami and this is called 3 inside down.
RSI is at 46.16 and pointing up. Some prefer the RSI to be over 50 before entering a trade. The RSI is not on this chart but I checked it.
No recommendation.
Negative volume has turned up and short percent is 1.13% (low). Possibility that gap will fill next rainy market day or top trendline of gap will be tested.
WMT appears to have encountered resistance from a prior gap down, and possibly from the 200 SMA. Moving averages can provide support and resistance levels. There will most likely be resistance at the top of that gap as well. Moving averages are lagging indicators. Price is a leading indicator. The 20 Daily SMA which is the shorter moving average on this chart and is blue, has crossed down through the 50 and the 100. The 3 longer term moving averages, the 50, 100 and 200 are where they should be, but price is underneath these moving averages. The moving averages need some work for sure.
The top wick of today's candle is a bit long and can point to volatility and a struggle to break a resistance level. Both support and resistance levels were made to be broken or price would never move or would be in a tight range all of the time. Bollinger bands are not on this chart but price came close to the bottom band set on an 80 SMA. Price pierced the bottom band when set on a 20 SMA which is the normal setting for bollinger bands.
If price pierces the top trendline of the gap, chances are the gap will fill as there is no recent price action inside the gap.
3 candle pattern before todays green candle which gapped up. 3 Inside up consists of a bullish Harami (Candle 1 is a red candle with a smaller green candle the next day and the body of the 2nd candle fits inside the red candle) Then a third green candle which some use as confirmation of the Harami. Harami's can also be bearish and and are a 2 candle pattern. In a bearish Harami the first candle is a good sized green candle followed by a smaller red candle that fits inside candle #1. The confirmation candle, 3rd candle, would be a red down candle confirming the bearish Harami and this is called 3 inside down.
RSI is at 46.16 and pointing up. Some prefer the RSI to be over 50 before entering a trade. The RSI is not on this chart but I checked it.
No recommendation.
Negative volume has turned up and short percent is 1.13% (low). Possibility that gap will fill next rainy market day or top trendline of gap will be tested.