The Shelves Are Packed at Walmart

• Posted by Greg Harmon
• on July 23rd, 2014

Walmart is the not the kid of place that many people like to do all of their shopping. It often has big empty areas in the store and some are not at the peak of cleanliness. But I have to say that when I look at it the shelves are stocked and things look good.

Oh, I’m not looking in any particular store, but at a chart of the stock price. There are a ton of technical patterns to browse through. Take a look.

The biggest and most interesting item on this chart is the yellow pattern, a bearish Shark harmonic. What makes it interesting is that it targets a move in the stock higher to about 79.50 at point D. But there is more. The smaller light red harmonic pattern, also a bearish Shark, completed July 10th and triggered the reversal. Since then it retraced a near perfect 38.2% of the pattern, the target move. The retracement looks just like a bull flag as well, and a move over the top will be the trigger for the trade. In fact the break of the flag carries the same target to 79.50. If that is not enough for you the RSI, a momentum indicator, is in the bullish range and the stock is being accumulated. Are you ready to shop at Walmart?

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