Tuesday, June 9, 2015


Trade update– long Wal-Mart - WMT

WMT has been trending lower ever since the earning release without any meaningful pullback. I think it’s fairly oversold and extended on the downside. RSI is already oversold in both daily and hourly charts with weekly just about getting there. It’s also sitting right around the very long term support of around $72-72.50. It’s likely to bounce from here and provide a quick retracement opportunity.

The chart looks fairly ugly though, so I wouldn’t be surprised it it continues down without any consideration of the support – and there hasn’t been any evidence of buyers showing up yet so this is definitely trying to catch a falling knife with a very tight stop around 71.05.

Here’s a chart.

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Let’s see how this one goes. The previous one didn’t workout so well but fortunately I didn’t take that trade.

Long 251 shares @$72.60.

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