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Asset Watch
Thursday, September 22 2022
Walmart closed above its rising support line drawn from the June lows on Sep. 20, so its three-month uptrend remains in place. Its August intraday high of $142.72 did not fill the gap from the May 17 earnings debacle. And as most gaps fill, Walmart should retrace those losses at some point. A move above $146 also aligns near Walmart’s November and December 2021 highs, as well as its January and March 2022 highs.
The playbook is as follows: if the S&P 500’s negativity persists, Walmart could outperform by holding or remaining close to its rising support line. On the other hand, if Powell’s press conference spurs bullish optimism, there is plenty of upside available for Walmart to fill its May gap.
Is Walmart the perfect place to hide, or should you wait until October to make your move?
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