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- 1 Walmart’s stock price heading toward a 52-week high.
- 2 WMT stock price is in an uptrend and trading above the 50-day and 200-day EMA.
- 3 Q3 Earnings of Walmart Inc. is scheduled for November 16, 2023.
Walmart stock price (NYSE: WMT) rose 15.73% on a YTD basis and displayed a bullish continuation pattern. The stock prices continue to rise upward by forming higher high swings and heading toward the 52-week high.
WMT stock price regains the 50-day EMA and sustains the strong uptrend. Minor corrections toward the EMAs are getting bought up and showcase investors are highly bullish on the stock.
At the beginning of October, Walmart’s share price took support near $151.00 and formed a bullish hammer candle.
The short-term correction has taken a halt and prices bounce back with a high buying volume. Slow and steady, it recovered the losses and prices reached to YTD high.
Walmart Inc. scheduled the Quarterly Earnings for November 16, 2023. Market analysts predicted an EPS of $1.515 and revenue of $159.412 Billion. By analyzing past earnings events, it is expected that the company will beat the estimates.
However, the mystery is how the stock price will react after earnings. Will it break out of the $168.00 hurdle and hit a new 52-week high or will profit booking trigger? Let’s find out.
Will Walmart Stock Price Show Profit Booking?
Walmart stock price (NYSE: WMT) is inside the bulls’ grip and no sign of weakness is visible in the stock. So, investors expect that if the company beats the Q3 estimates then WMT stock price might react positively.
However, sometimes markets give us surprises, and despite positive Q3 results the stock prices fall. Mostly, this happens when investors find the shares overvalued.
At present, the market sentiment and trend both are favoring the bulls so we may see new highs soon. The analysis suggests that positive momentum in Walmart’s stock price is intact and the possibility of profit booking seems low.
Will WMT Stock Price Continue to Perform Well?
WMT stock price performed well in 2023 and generated decent returns for long-term investors.
The financials of the company are up to mark and it continues to grow every quarter. It shows that the future outlook of the company is bright and its shares may continue to perform well in the coming months.
Till the stock price sustains above $158.00 the buyers will remain active and try to absorb the sell-off. Therefore, Walmart stock price looks attractive at current levels and might be a good pick for long-term investment.
Conclusion
Walmart stock price (NYSE: WMT) is in uptrend and trading near to the 52-week high. The Q3 earnings are scheduled in the current week due to which volatility in the stock price may rise.
The analysis suggests that WMT stock price is in bulls grip so new highs are possible after earnings.
Technical levels
- Resistance levels: $168.00 and $170.00
- Support levels: $158.10 and $151.74
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
