WMT Ready to Rally

Licia Leslie

Licia Leslie

Licia Leslie

BY LICIA LESLIE 

December 20, 2023 

Hi Shoppers,


After being slammed after their earnings report and then enduring a further selloff, Walmart (Ticker: WMT) may be ready to rally.

It has closed above my pretty decent old support/new resistance level (blue line) and the 200 day moving average at $155.09.

 

The next stop for WMT will be those most recent highs at $159.

 

Looking at the options:

I like the Jan19 157.50 calls.

 

Use that nice close stop loss level of the 200 day moving average at $155.09.

 

Trade Review

 

S&P Emin Futures (Ticker: ES) has cleared my resistance level at $4792 (new support) and is trading 30 bucks higher. Next stop $4906.50.

 

I called $409 on the Invesco QQQ Trust (Ticker: QQQ). They closed $409.16 yesterday. Again now the new support level. I am not seeing resistance until $439 from here.

 

Apple (Ticker: AAPL) still wallowing.  Need a close over $200 then up to $207. Otherwise lower.

 

Thanks for Reading … See You Next Tuesday,

Licia Leslie

Licia Leslie

Head of Technical Analysis

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Licia Leslie

Licia Leslie

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About the Author

Licia Leslie

Licia Leslie

Former CBOE floor trader and CIO at Karman Line Capital. Author of ‘The Option Traders Hedge Fund’ with over 30 years of options trading experience.

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