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Saturday, January 1, 2011
New York, December 31st (TradersHuddle.com) - Shares of Wal-Mart Stores, Inc. (NYSE:WMT) are trading very close to calculated resistance at $54.39 with the current price action closing at just $54.07 placing the stock near levels that make it difficult to buy.
Wal-Mart Stores, Inc. (NYSE:WMT) operates discount stores, supercenters, warehouse membership clubs, and neighborhood markets. The Company's stores sale products like general merchandise, apparel, electronics and groceries. Wal-Mart operates the warehouse membership stores under the Sam's Club name, where the company sell assorted merchandise including its private label products. Wal-Mart was founded by Sam Walton in 1945 and is based in Bentonville, Arkansas.
Wal-Mart's current stock range is defined by current calculated support defined at $47.77 and by the resistance level at $54.39, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.
Read More: Wal-Mart near Key Resistance Area
