Walmart’s (NYSE: WMT) shares have surged notably in 2023, reaching a fresh all-time high this month, mirroring the broader market trend seen in the S&P 500 index. The retail giant’s stock saw a significant uptick last month after it surpassed Q2 profit and sales expectations, driven by robust grocery and e-commerce sales.
Additionally, Walmart also raised its full-year guidance, further boosting investor confidence.
Walmart’s stock is expected to trade at $149.68 on November 30, suggesting a notable downside of more than 7% from its current share price, according to the AI-based predictions retrieved on September 28.
Further ahead, the algorithms predict the retail giant’s shares to bounce back to $172.05 in 6 months’ time, followed by a slight pullback to $169.6 a year from now.
Walmart stock price analysis
At the time of writing, WMT was sitting at $161.7, down 0.48% in the past 24 hours, and more than 1.1% on the weekly chart.
On the month, WMT is up by around 2.5%, while gaining over 13.4% on a year-to-date basis, compared to S&P 500’s 11.7%.
At its current level, the retailer’s shares are facing a resistance at around $162.7. Breaching this barrier would clear the way for WMT to attack its all-time high of $165.7 reached in mid-September.
On the downside, the stock is facing support close to $160.8, indicating an area where buying pressure may increase. If the stock dips below that threshold, it will face another support level at $159.1, followed by a 100-day moving average (MA) at $156.6.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.