Walmart (WMT) shares are in the spotlight this week ahead of the big box retailer’s first quarter results, due before the opening bell on Thursday.

Last month, the retailer maintained its guidance of 3% to 4% sales growth for the first quarter, but cautioned its "range of outcomes" for operating income growth had widened amid澳洲幸运5官方开奖结果体彩网: tariff uncertainty. However, 澳洲幸运5官方开奖结果体彩网:analysts at Morgan Stanley recently pointed out the retailer sits well positioned to manage import duties given its scale, 澳洲幸运5官方开奖结果体彩网:supply chain advantages, and category mix.

Walmart shares closed little changed at around $97 on Monday, even as the 澳洲幸运5官方开奖结果体彩网:broader market rallied following news that the U.S. and China had agreed to 澳洲幸运5ꦕ官方开奖结果体彩网:suspend for 90 days the huge ta🔥riffs that the countries had imposed on one another. The stock has gained 7% since the start of the year, outpacing the performance of major stock indexes, and have jumped 60% over the past 12 months, boosted in part by the retailer’s ability to attract higher income customers and grow its 澳洲幸运5官方开奖结果体彩网:e-commerce business.

Below, we take a closer look at Walmart’s chart and apply澳洲幸运5官方开奖结果体彩网: technical analysis to identify major price levels wort෴h watching ou𒉰t for.

Pre-Earnings Consolidation

Since a 澳洲幸运5官方开奖结果体彩网:bear trap below the 澳洲幸运5官方开奖结果体彩网:200-day moving average emerged on Walmart’s chart la🌜st month, the shares have staged a sharp turnaround.

More recently, the stock has consolidated on declining 澳洲幸运5官方开奖结果体彩网:trading volume ahead of the retailer’s quarterly results this week, indicating that larger market participants, such as 澳洲幸运5官方开奖结果体彩网:institutional investors, remain 🐭on the sidelines leading into the report.

However, the 澳洲幸运5官方开奖结果体彩网:relative strength index 🉐remains above neutral territory, signaling bullish price momentum.

Let’s, point out several major 澳洲幸运5官方开奖结果体彩网:support and resistance levels that investors will likely be watching.

Major Support Levels to Watch

During retracements in the stock, investors should initially track the $90 level. This area may provide support near a 澳洲幸运5官方开奖结果体彩网:horizontal line that connects the early-April peak with the lower range of 澳洲幸运5官方开奖结果体彩网:sideways drift that formed on the chart between late Deceꦿmber and mid-January.

The bulls’ failure to successfully defend this major technical level could see the shares drop to around $85. Investors may place buy 澳洲幸运5官方开奖结果体彩网:limit orders in this location near a range of 澳洲幸运5官方开奖结果体彩网:consolidation near the March trough that preceded the last monꦿth’s bear trap low.

Important Resistance Levels to Monitor

Bullish 澳洲幸运5官方开奖结果体彩网:price action ahead of the retailer’s quarterly results would likely bring the 澳洲幸运5官方开奖结果体彩网:psychological $100 level into play. The shares may face selling pressure in this area near the upper levels of last week’s sideways trading activity, which also closely aligns with the high of the late-February澳洲幸运5官方开奖结果体彩网: stock gap.

Finally, a stronger move higher could see Walmart shares climb to around $105. This region on the chart would likely attract significant attention from investors near the stock’s 澳洲幸运5官方开奖结果体彩网:record high set in mid-February.

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