Benzinga - by Zaheer Anwari, Benzinga Contributor.
- Since November 2015, Walmart has seen a 183% increase in value from its lowest point.
- Walmart has demonstrated resilience and strength, registering a 12%, outperforming the S&P 500, which is up 11%.
This journey, accompanied by its fair share of challenges and obstacles, resulted in a significant 183% increase in the retail giant's value from its lowest point in November 2015.
Such consistent bullish momentum paints a compelling picture of Walmart's success.
Their stock price faced a turbulent period between 2017 and 2019 as it struggled to surpass the $100 major resistance level.
This psychological barrier posed an important obstacle to its upward progress, leading to multiple attempts at breaking through.
The market's hesitancy and the symbolic significance of reaching this round number were evident during this period.
However, once the barrier was finally surpassed, the price soared to even greater heights.
But in November 2020, a new obstacle presented itself as the price encountered resistance around the $150 level.
The price fluctuation between $117 and $153 demonstrated a phase of consolidation resulting in a relatively stable price range.
Then, in April 2022, there was a momentary breakout above $153, which was short-lived as the price quickly retraced back into the consolidation zone.
This highlighted the market's uncertainty and its struggle between bullish and bearish sentiments.
In June 2023, there was another endeavor to breach the $153 level, which required surpassing the new all-time high of $160 from April.
July witnessed a slight triumph, surpassing $160 by 17 points. However, in August, the price demonstrated its bullish strength, confidently surging past this level by nearly 200 points.
This level is now becoming a new battleground, posing a challenge for the price to maintain its position above.
This is evident from the closing price in September, which closed below $160 and serves as a testament to the ongoing struggle between buyers, who are eager to drive the price to new highs, and sellers, who aim to capitalize on lofty valuations.
Analyzing Walmart's performance within the broader market context underscores its resilience and strength.
With a 12% increase for the year, Walmart has subtly outperformed the S&P 500, which trails slightly behind at 11%.
This consistent growth showcases Walmart's capacity to sustain its upward trajectory over the long term towards $200.
After the closing bell on Friday, September 29, the stock closed at $159.93, trading down by 1.58%.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.