A Head-and-Shoulders for Wal-Mart? By Arthur Hill
Wal-Mart is tracing out a continuation head-and-shoulders pattern with neckline support around 47.5-48. It is a bit unusual because the neckline is sloping up, which reflects higher lows since early February. A break below support would confirm the pattern and signal a continuation lower. Conversely, a break above the red resistance line would negate the pattern.