Two potential break charts that we are bullish on, going into the weekend. Walmart (WMT), in the consumer staples sector and EQT Corp. (EQT), in the energy sector.
Walmart Inc. (WMT)
Walmart, Inc. engages in the retail and wholesale business. The company offers an assortment of merchandise and services at everyday low prices. It operates through the following business segments: Walmart U.S., Walmart International, and Sam’s Club. The Walmart U.S. segment operates as a mass merchandiser of consumer products, operating under the Walmart and Walmart Neighborhood Market brands, including walmart.com.
- On a technical basis, the chart is in a confirmed uptrend, trading over 5 rising daily moving averages.
- It recently pulled back from new all-time highs and held over the rising 50-day moving average (red line on the chart below). This test of the 50-day MA that held is a bullish pullback.
- We use stop loss levels on all long positions and posted ideas. The stop loss for this idea is 84.12, approximately 10% below the current price and below the rising 100-day MA, (black line on the chart).
EQT Corp. (EQT)
EQT Corp. is a natural gas production company, which engages in the supply, transmission, and distribution of natural gas.
- (EQT) is a bullish chart in a bullish energy sector. On a technical basis, it is trading over 5 rising daily moving averages, in an uptrend on multiple timeframes.
- Although the chart may be extended in the short-term, the intermediate-term uptrend stays intact over the rising 50-day moving average, (red line on the daily chart below).
- Near-term support, on any consolidation, is in the 46-48 range.
- Over the last 30days, EQT is the #2 performer in the large cap energy sector, +14.03%.
- It is currently ranked #4 in the sector, by daily RSI, at 71.29.
- It is #2 in the sector in distance from a 52-week high, at +0.33% above.
- On the monthly chart below, 50 is a key potential long-term breakout level.
- We use stop loss levels on all long positions and posted ideas. The stop loss for this idea is 43.44, approximately 11% below the current price and below the rising 50-day MA, (red line on the chart).
EQT MONTHLY
Disclosures: At the time of this post, Larry Tentarelli has long positions in both of these stocks, Walmart and EQT Corp.
Disclaimer: Disclaimer – Blue Chip Daily Trend Report
