Walmart Inc. (NYSE:WMT) shares are trading higher Thursday after the company introduced a low price fee on money transfers for its customers to Mexico.
Walmart2Walmart money transfer service between the U.S. and Mexico launched in 2016 and was paused in 2018. Now relaunched, customers can send money from any Walmart store in the U.S. to any Walmart store in Mexico for as little as $2.50 per transaction through the Walmart2Walmart money transfer program.
Walmart was up 2.9% at $140.11 at time of publication.
See Also: Walmart Relaunches Walmart2Walmart Mexico Money Transfer Program
Walmart Daily Chart Analysis
- Shares made a large bullish move and recovered the higher low trendline. The stock recently fell below this trendline and started to look bearish. The stock may find resistance near the $150 level in the bullish continuation pattern.
- The stock crossed above the 50-day moving average (green) Thursday, but trades below the 200-day moving average (blue). This shows that the sentiment in the stock is becoming more bullish and now sits in a period of consolidation. The 50-day moving average may hold as an area of support, while the 200-day moving average may act as resistance.
- The Relative Strength Index (RSI) has been pushing higher the past few days and now sits at 56. During this push higher the RSI was able to cross above the middle line, showing that there is now more buying pressure in the market than there is selling pressure. This is a bullish sign for the future if the RSI can stay above the middle line.
What’s Next For Walmart?
Walmart has recovered the trendline and looks more bullish than it did a few days ago. If the stock can stay in the ascending triangle pattern, it may see a breakout in the next couple of months.
Bullish traders want to see the stock form higher lows and be able to hold above the trendline. Bulls then want a break above the moving averages, and eventually the $150 resistance. Bearish traders want the stock to fall back below the higher low trendline and hold below it.
