Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Monday, January 30, 2012

Wal-Mart share price is close to 2008 highs

Wal-Mart share price is getting close to 2008 highs ($63.20 area), forming a rising wedge pattern that usually states the end of a bullish move.

Although there has not been a selling signal yet, the investors should act carefully in this area, as the volumes seem to be descending while the price is rising.

The T1 trend line is the main support to watch and, along with the $58.90-$59.20 area can provide a good shorting opportunity if the brake-retest-continuation pattern will play along.

The main target is case of a reversal in this area is the $55.00 area. 

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