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, March 5, 2012

Wal-Mart (WMT) correction in progress. 2012.03.05

Wal-Mart price action confirms a bearish move in progress as it broke below the T1 line a couple of weeks before and now the sloppy price action seem to form a corrective wave.

The previous analysis ( ) stated, among others, that a throwback is possible at any time. The resistance zone is in the $60.00 area and the bears could wait until the price will get closer.

The target on the down side is set in the $55.00-$56.30 area, which represents a confluence of Fibonacci retracements and previous highs and lows. 

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