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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Tuesday, February 21, 2012

Wal-Mart (WMT) is trading in a rising wedge

Wall Mart shares are trading within a rising wedge on the mid-term that usually forms at the end of a trend.

The $16.20 area represents the 2008 highs and, along with the wedge pattern, it could lead to profit taking that, in turn, could generate a correction. The declining volumes on the past 6 months of rising prices shows an unsustainable trend.

However, for those seeking for a good stop loss level, the lower limit of the wedge can be considered, followed by the $60.00 support level.

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