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Wal-Mart (NYSE: WMT) -- Double Bottom

Posted on Tuesday, November 13, 2007 at 10:08AM by Registered CommenterPrice Patterns in Comments1 Comment

Wally World to the rescue of the market? Stranger things can happen.

Wal-Mart (NYSE: WMT) reported earnings that were a little better than anyone expected. The stock, and the market, are up big on the report.

WMT has pounded out a double bottom at the $42.50 level. But don't get too aggressive chasing it higher. The stock has descending resistance above this morning's high.

Might be good for a one or two day trade. Or it could turn into a bigger move if WMT can crack its descending resistance.

WMT111307.png

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