Walmart (WMT) shares surged Thursday after the company reported 澳洲幸运5官෴方开奖结果体彩网:second-quarter ♊earnings that topped estimates and lifted its full-year outlook, as cost-conscious consumers turned to the discounter retailer for purchasing essential items.🌃 The stock gained 6.6% to $73.18, a new record closing high.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚWalmart’s chart and point out important price levels to watch out for𓆏 following the stock's earnings-driven jump.

Stock Gap to New All-Time High

Walmart shares have remained in a long-term uptrend since the 50-day 澳洲幸运5官方开奖结果体彩网:moving average (MA) crossed above the 200-day MA to generate a 澳洲幸运5官方开奖结果体彩网:golden cross buy signal in November 2022.

More recently, the big box retailer’s stock has undergone a pullback of around 6%, but promptly found buying interest near the 50-day MA prior to Thursday’s earnings-driven gap to a new 澳洲幸运5官方开奖结果体彩网:all-time high (ATH).

Importantly, Thursday's move occurred on the highest volume since mid May, suggesting active participation by 澳洲幸运5官方开奖结果体彩网:institutional investors.

Watch This Key Upside Price Level

Given Walmart shares now trade in blue sky territory with no higher price action on the chart to analyze, we can use a bars pattern to project a potential 澳洲幸运5官方开奖结果体彩网:price target. We do this by taking the stock’s trending move from early May to ꦛmid-July and positioning it from this month's l🦋ow. Doing so forecasts an upside target of around $80.

This technique also provides a timeframe of when Walmart shares may reach the target outlined above if price history rhymes. The prior trending move took place over 52 trading days, meaning that if a similar trend plays out, th💧e shares could reach this target by around late October.

Retracement Areas to Monitor

Although the stock registered a record close on Thursday, there’s always the possibility for profit taking after a strong move, especially with the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) indicator nearing overbought territory. Investors, therefore, should monitor these two key support levels that may come into🎀 play du🐽ring retracements.

The first sits around $71, an area near the stock’s prior 澳洲幸运5官方开奖结果体彩网:record high that may need to be tested before a sustained ꦜmov🧸e higher.

A more significant pullback could see the shares revisit the $62 area, a location on the chart just above the rising 200-day MA likely to encounter support from a two-month period of price 澳洲幸运5官方开奖结果体彩网:consolidation between March and May.

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