Wal-Mart Gets Hit By General Gloom In Retail

Wal-Mart Stores Inc. (WMT), the world’s largest retailer is likely to report weak earnings results today, with retail being largely disappointing this season and other retailers missing their estimates this quarter. Moreover, Wal-Mart’s own problems including heavy spending on store improvements, e-commerce operations and wage increases have also put pressure on profits. On the hourly chart, WMT plummeted as low as 63.12, down by 3% for the day. ADX is 45.54, along with DI- staying above DI+, suggesting that the bearish momentum is overwhelming. The stock is anticipated to continue falling.

Trade suggestion

Sell at 63.04, Stop loss at 63.29, Take profit at 62.58

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