The brick and mortar retailers are getting a lot of negative airplay lately, and with good reason. The demographic is slowly but surely changing to online, as the years go by. However, what is Amazon? It is a non-profitable market share eater after being the first and best mover in online retail.
The buzz is that WMT is prioritizing its online capabilities and that will bode well one day for this established retailer to maybe play some catch up. But all we care about now is the chart and the daily broke above a bullish looking pattern’s neckline on Friday and so far today it is holding it. If the 72 area holds up and the price grinds out a state above the neckline, the target of 79 is noted.
Here is a weekly view for reference, with everything looking good, especially MACD just going positive.
Buy Target: Current level to 72.
Sell Target: 79 or anywhere lower that the profit-taking bug bites.
Stop Loss: Below 71 to suit risk tolerance. Non-fundamental investors do not hold below 69.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
