jamison.gaddy

Are we seeing DISTRIBUTION on a QUARTERLY timeframe?

NYSE:WMT   Walmart Inc.
I think this is a great chart and study of the application of Wyckoff. I don't claim to be an expert as only studied a few publications; however, I diligently apply it as I find logic more applicable to "technicals."

1st I'm not sure I would over-react; but longs should be aware that we may be witnessing DISTRIBUTION on a QUARTERLY timeframe. Prices are attempting to remain above resistance created in 1999.

If price are unable to hold this $70 level it could very well confirm my bearish distributive thesis as it would create a "last point of supply" (LPSY). If prices were to reject this level bulls still have a "safety net" as the long term trend has created support defined by the lower trendline of the ascending channel around $59. If this level is violated I would recommend protecting any long term profits.

A breakdown of this longer term support would create an "oversold" opportunity allowing buyers to re-enter with less risk; likely returning prices back within the ascending channel.

Good Luck!

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.