Walmart (WMT) has been one of the most explosive stocks on the market, we said on October 30. “In fact, while most of the major indices collapse around it, the retailer rallied from a recent low of about $118 to a recent high of $123.80. From here, we’d like to see it refill its bearish gap at around $133.33 initially,” we added at the time.
While it didn’t hit the price target just yet, it did rally to a high of $130.94 from $123.80. Fueling upside is pre-earnings optimism ahead of its November 19 report. Investors are looking for another strong quarterly beat, especially as consumers hunt for lower-cost items. In addition, persistent inflation continues to drive multiple classes of people to its shelves. Also, as noted by Seeking Alpha, “Congress is also seen applying more pressure on the Trump Administration’s sweeping tariff policies, which could help retailers on the margin front.”
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