Wal-Mart’s (NYSE:WMT) Looking Promising
Apr 28th, 2009 | By Charles Delvalle | Category: Chart of the DayWhen people are losing their jobs and pitching tents because they lost their home, they aren’t going to go to Macy’s to buy a new pair of $100. With whatever cash they have (or panhandle) they’re going to go to Wal-Mart (NYSE:WMT) instead.
Admittedly, this isn’t exactly shocking stuff. Wal-Mart has been praised for being one of the only retailers to continue posting earnings that surpass estimates. But praise hasn’t given them higher share prices since the crash in October.
As you can see, Wal-Mart’s been dropping since last October. But interestingly enough, WMT has managed to hold above its October lows.
This combined with the fact that both the RSI and Slow Stochastic are showing WMT as oversold means that buyers should rush in and push WMT share prices higher.
For the traders out there – go long and place a stop @ $47 per share. If all goes as planned, WMT should rise over 10% in the next 30 days.
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Charles Delvalle is a self-taught market-timing professional and value analyst who's followed and invested in the market for the past ten years. He uses a unique combination of technical and fundamental research to pinpoint rapid profit opportunities with stocks and options.
Charles is also a staunch contrarian and takes pride in finding undervalued sectors and discovering undervalued, cash-rich companies. He frequently mocks government stupidities and points out the "inaccuracies (or lies, take your pick) that government reporting frequently dispels as "truth".
