Tuesday, November 14, 2017 3:01:40 PM
Shares of Wal-Mart Stores Inc (NYSE:WMT) have been on a rampage of late. Since early October, the retailer has seen their stock price jump from the $77 range to a 52 week high of $91.98 on Monday, November 14th, 2017. This surge comes with almost all other retailers collapsing lower. Many retailers like Macy's and J C Penny are down more than 50% in recent months. So is this stock price surge for real? The stock chart says 'NO'. While Wal-Mart Stores Inc tagged a new 52 week high on Monday, it reversed from those highs and closed at the lows. This formed a classic extreme bearish topping tail. Topping tails are clear top signals and signal downside. This signal coupled with many other overbought indicators and a tough retail environment tell me this will likely trade lower on earnings. Earnings are set to be reported on Thursday morning. Expectations are for $0.99 per share on $121 billion in sales.
Gareth Soloway
InTheMoneyStocks
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