WALMART BULLISH AS DEUTSCHE BANK RAISES ITS RATINGS & PRICE TARGET
Walmart is currently trading at 95.57-higher by about 1% as compared to the previous closing. In Pre-market trading on Tuesday, the stock was trading higher by 0.90%. The stock has gained further after the opening bell.
The stock rose on Tuesday after Deutsche Bank upgraded its ratings to “buy” from “hold”. Deutsche Bank said that the retail giant’s online grocery business will thrive and compete well against Amazon. The firm further predicted that Walmart will report sales above expectations in its Q3 results. Deutsche Bank raised its price target to $113 from $89 for the stock.
Walmart’s is down 4% this year through Monday versus the S&P 500’s 8% gain.
On the technical front, the RSI is currently at 55.69% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 95.50 TAKE PROFIT AT 96.50 STOP LOSS AT 95.00