I would have to strongly disagree with this from what I am seeing, though I am using a Heikin Ashi chart so some indicators are present on mine that are absent on yours, the factual daily/hourly highs/lows still are what they are.
First of all, the support line you drew actually started from a previous UPtrend into the current DOWNtrend, and has already been broken out of; the uptrend I speak of started on Mar 30 and *ended* on Apr 21 with the first red candle appearing breaking the up trend.
The following down trend can also be observed visibly on every scale from 15 min to 1D:
Highs:
Apr 20 133.37 at 9:30, Apr 22 132.38 at 15:45
Lows:
Apr 21 128.61 at 11:30, Apr 23 127.73 at 12:45
forming both lower highs AND lower lows
Furthermore, while the first uptrend-breaking candle appeared on Apr 21 the following one on Apr 23 effectively shows price action confirming the down trend out of the uptrend.
The following observations can also be made:
Awesome Oscillator 4H, 6H, 12H and 1D time scales: undeniable increasing downward momentum at every scale.
OBV: buyer control peaked on Apr 23 and has not been able to get back up since; check the charts from 1D all the way down to 15min or even 5 min to see just how bad buyer control is tanking
MACD: shows imminent convergence on the 1D chart, but if you then check the 12H it shows as having already begun with the sell signal crossover at 4:00 PM Apr 23, while the 6H chart shows downward divergence already in effect all the way through until Apr 24 10:00 AM still ongoing.
The only charts that actually show any semblance of "hope" right now are the 1H and 2H, but frankly I'm not concerned with what trends are going to be in/out of effect in the next couple hours... the bigger picture is: what is happening with this stock in the next day? the next week? the 4H, 6H, 12H(!) and 1D charts, looking at every trend, high/low, MACD, OBV, OA, divergence/convergence, literally every single indication is saying that this stock is about to tank HARD.
I observed the same things about AMD stock near end of day on Apr 23... when every indicator, trend, oscillation, momentum, OBV, MACD and AO are all telling you same thing at EVERY SCALE... it's time to get onboard the "put" train.
In closing: sure you can buy WMT stock, but if you do just make sure to do it as a covered call or set a really narrow stop-loss, because there's only one direction this stock is going, and it sure ain't up.
First of all, the support line you drew actually started from a previous UPtrend into the current DOWNtrend, and has already been broken out of; the uptrend I speak of started on Mar 30 and *ended* on Apr 21 with the first red candle appearing breaking the up trend.
The following down trend can also be observed visibly on every scale from 15 min to 1D:
Highs:
Apr 20 133.37 at 9:30, Apr 22 132.38 at 15:45
Lows:
Apr 21 128.61 at 11:30, Apr 23 127.73 at 12:45
forming both lower highs AND lower lows
Furthermore, while the first uptrend-breaking candle appeared on Apr 21 the following one on Apr 23 effectively shows price action confirming the down trend out of the uptrend.
The following observations can also be made:
Awesome Oscillator 4H, 6H, 12H and 1D time scales: undeniable increasing downward momentum at every scale.
OBV: buyer control peaked on Apr 23 and has not been able to get back up since; check the charts from 1D all the way down to 15min or even 5 min to see just how bad buyer control is tanking
MACD: shows imminent convergence on the 1D chart, but if you then check the 12H it shows as having already begun with the sell signal crossover at 4:00 PM Apr 23, while the 6H chart shows downward divergence already in effect all the way through until Apr 24 10:00 AM still ongoing.
The only charts that actually show any semblance of "hope" right now are the 1H and 2H, but frankly I'm not concerned with what trends are going to be in/out of effect in the next couple hours... the bigger picture is: what is happening with this stock in the next day? the next week? the 4H, 6H, 12H(!) and 1D charts, looking at every trend, high/low, MACD, OBV, OA, divergence/convergence, literally every single indication is saying that this stock is about to tank HARD.
I observed the same things about AMD stock near end of day on Apr 23... when every indicator, trend, oscillation, momentum, OBV, MACD and AO are all telling you same thing at EVERY SCALE... it's time to get onboard the "put" train.
In closing: sure you can buy WMT stock, but if you do just make sure to do it as a covered call or set a really narrow stop-loss, because there's only one direction this stock is going, and it sure ain't up.