Walmart Stock (WMT) Trades Higher As People ‘Stock Up’ For Coronavirus

Steve Miller
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Walmart NYSE: WMT Weekly Chart

Over the weekend, there were widespread reports of high demand at big-box retailers such as Walmart (WMT) and Costco (COST) in response to the threat from COVID-19.

Walmart closed Monday’s session up 7.62% and Costco closed up 9.96%. Let’s see what the charts tell us.

At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.

askSlim Technical Briefing:

The weekly cycle analysis suggests that WMT is in a neutral-to-positive intermediate-term pattern. Weekly momentum is negative.

On the upside, there is an intermediate-term Fibonacci extension zone from 119.70 – 123.20. On the downside, there an intermediate-term Fibonacci support at 109.24 followed by cycle low support at 104.37.

Our analysis suggests that for the bears to regain control of the intermediate-term, we would likely need to see a weekly close below cycle low support at 104.37.

askSlim Sum of the Evidence:

WMT has a neutral-to-positive weekly cycle pattern with negative momentum. Under these conditions, we would expect the stock to trade in a range in the near-term.

There is a likelihood the stock tests the intermediate-term Fibonacci extension zone beginning at 119.70 by April. 

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