The opening price of Walmart at the beginning of 2022 was at $144.03 per share. Price ranged for the most part of January before the bears took control, although this bearish turn was for a short period of time. The first major support level of 2022 was at $132.02 per share which was in February. From that support level, Walmart’s bulls pushed price to a new all-time high in April at $160.77.
After the all-time high was reached, the next trading day opened with a bearish turn as price went as low as $117.16. This price doubles as both the current year’s low and the current support level. Since that year’s low, each time the price tried to rally, the bears counteracted the bullish movement. On the daily chart prior to the fall to the $117.16 support, there were a few gap downs which are yet to retrace.
On the 16th of August, there was a gap up from the close of the 15th. The close of the 15th was at $132.56. The opening price of the 16th was at $138.81, about a 5.1% increase in a single day. This gap up could be a light at the end of the tunnel for Walmart investors as it could lead to a rally to a new all-time high above $160. RSI on the daily chart indicates that price is oversold. The daily chart also shows that the candlestick is in the upper region of the Bollinger Bands.
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