Walmart is leading the Dow Jones average lower today as the company announces a decrease to it’s 2015 sales outlook and warns of future sales and earnings declines to come. Down almost 9% today, it’s one of the worst days in 20 years for the stock.
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From a purely technical aspect, a price move like this is rarely reversed in a short amount of time and it usually leads to more downside to come. As you can see on the price chart above, the $62 level has been broken decisively.
The next price level to watch comes in around $52.
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There is additional confluence in the mid to lower $50’s as well. As $53.29 was the 2000 bull market high and $54.36 is the 2008 bull market high. So between $52-$54 (if it gets there) may be enough support to halt the decline.
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