Wal-Mart Approaching Its 52 Week High

Published on Thursday, 14 January 2010 01:12 Written by Danny Miller

New York, Jan 13^th (TradersHuddle.com) – Shares of Wal-Mart Stores (NYSE:WMT) traded higher today closing very close to breaking its previous 52 week high at $55.09 that was booked last November. Since then Wal-Mart has traded within a consolidation range that now appears to be serving as a base for its move higher.

Wal-Mart operations manages retail stores located in all 50 states of the United States, Argentina, Brazil, Canada, Japan, Puerto Rico and the United Kingdom, Central America, Chile, Mexico, India and China

Wal-Mart’s stock range is defined by current calculated support defined at $48.79 and by the resistance level at $55.09, if Wal-Mart stock price moves pass resistance it could signify a breakout and momentum move to a new range.

Based on current chart patterns the new range to be developed can reach a measured move of about $58.50 with the floor being the resistance, which should solidify as support.