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Watch for Shares of Wal-Mart Stores (WMT) to Approach Support at $68.02

Published on Mon, 01/07/2013 - 13:38
By Mallory Stone

Shares of Wal-Mart Stores (NYSE:WMT) opened today below their pivot of $68.86 and have already reached the first level of support at $68.54. Analysts will be watching for a cross of the next downside pivot targets of $68.02 and $67.18.

In the past 52 weeks, Wal-Mart Stores share prices have been bracketed by a low of $57.18 and a high of $77.60 and are now at $68.17, 19% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.9%.

Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood markets. The Company's discount stores and supercenters offer merchandise such as apparel, housewares, small appliances, electronics, and hardware. Walmart's markets offer a full-line supermarket and a limited assortment of general merchandise. The Company operates nationally and internationally.

Wal-Mart Stores (NYSE:WMT) has potential upside of 15.2% based on a current price of $68.17 and analysts' consensus price target of $78.55. The stock should run into initial resistance at its 200-day moving average (MA) of $69.03 and subsequent resistance at its 50-day MA of $70.91.

By Mallory Stone