Walmart Shares Retreat, Watch This Bounce Level

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Dec 15, 2020 at 1:37 PM EST

Traders should note that Walmart stock is now trading just below its important 50-day moving average. This formation puts Walmart Inc stock in a slightly weak technical position on the daily chart.

Leading retailer, Walmart Inc (WMT), has been pulling back after making a new all-time high on December 1st, 2020. Walmart stock traded as high as $153.65 a share at that peak. Today, the stock is trading around the $145.60 level. Traders should note that Walmart stock is now trading just below its important 50-day moving average. This formation puts Walmart Inc (WMT) stock in a slightly weak technical position on the daily chart.

In the short term, Walmart Inc (WMT) shares have a lot of daily chart support around the $140.00 level. This is where there is a daily chart gap fill from November 2nd, 2020. Often gap fills will serve as solid support when initially tested. The $140.00 level is also where the stock broke out in September 2020. Short term day and swing traders should watch this key support level for a bounce in Walmart (WMT) stock.

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