Can Walmart continue its 21% surge higher?

May 19, 2021 11:30

Shares in Walmart surged higher yesterday after the world’s biggest retailer reported first-quarter earnings that beat Wall Street estimates. 

The company posted earnings per share of $1.69 against an expected $1.21. 

Investors liked the news, as well as the guidance from management that they had strong e-commerce growth and have raised their outlook for the rest of the year. 

Source: Admirals MetaTrader 5, #WMT, Monthly - Data range: from Feb 1, 2013, to May 18, 2021, performed on May 18, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results. 

The monthly chart of Walmart’s share price above shows a recent bounce from technical support at the 20-period (blue) exponential moving average. 

If buyers can continue to drive the price higher to the all-time high of ~$153.00, it would amount to a 21% surge higher. 

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