Chart of the Day: This Bullpen Name Is Marching Forward
We're watching this bullpen name for a pullback opportunity and the right chance to call it up.
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The Walmart WMT chart is a "steady Eddie" type that just continues to move higher regardless of market conditions.
Recently, the stock made a bold move post earnings (amber candle in the top pane) that quickly turned the stock from bearish to bullish. That day was a heavy volume session and you can see the volume candle that stands out.
What is impressive about this chart is the lack of pullback — the stock just inches higher every day and even if the stock comes down for a short while, the dip buyers are at the ready. That is a powerful bullish characteristic. Money flow (bottom pane) is very impressive too, reaching higher levels, such as we saw in May. Back then, the stock continued to float higher.
The moving average convergence divergence (MACD) remains on a buy signal but looks to be slowing down. Simply put, the trajectory is not as fast as it was back in August. That's fine. After a nice surge up, the stock is due for a rest and at that time we could see a chance to bring Walmart into TheStreet Pro lineup. For now, we'll just wait for it in the Bullpen.
