Wal-Mart Ready to Break to New Highs

By Sam Collins,  April 13, 2010, 07:30:00 AM EDT

 

Wal-Mart ( WMT ) -- The largest retailer in North America has been in a bull market since January 2009, when it turned higher at just under $48.   

WMT Chart  

Chart Legend  

Since then, it has been trading within a broad bull channel with support generally following the 50-day moving average . 

Recent accumulation and bullish fundamental reports from major investment analysts could break this stock from its channel and run it to new highs. 

The stochastic is close to a buy signal. A break from the channel would yield a target of $61. 

S&P rates Wal-Mart as a "five-star strong buy" with a 12-month target of $62.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Investing Ideas

Referenced Stocks: WMT



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