Why This Retail Stock Looks Good

  • December 18, 2002
  • Derrick Hobbs


This stock has fallen 8 points in the last month.
Don’t let this sell off put you to sleep. According to the
chart below, we are still in an uptrend, and Wal-Mart

(
WMT |
Quote |
Chart |
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PowerRating) has a confluence of factors warning me to look for a
reversal to the upside:

  1. Fibonacci price support from
    46.78-50.22 (8 levels)

  2. In the E-Wave world this sure looks
    like an A-B-C correction in an overall uptrend since July 24 of this year.

  3. Fibonacci time cycles from December 19
    — 24 for a reversal to the upside

  4. Textbook Bullish Gartley pattern that
    completed today into our support zone.

So, run your traps
on this one and be looking for an entry opportunity on the long side.

Good night!


Derrik


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