Shares of Wal-Mart (WMT) have fallen over 7% this week, follwing allegations of corruption in the company's Mexican division over the weekend. Reuters reports that the Mexican federal government and half of Mexico's state prosecuting authorities have no plans to institute investigations, because there were no complaints made against the company. There is, of course, an ongoing investigation here at home by the SEC and the Department of Justice. Foreign Corrupt Practices Act aside, the question for traders is: At what point in the pullback could there be a tradable bounce in the stock?Wal-Mart (WMT) -- Weekly Source: StockCharts.com View Chart » View in New Window »
The weekly chart shows Wal-Mart moving in a wide rising channel since the generational low, which has provided numerous trading opportunities. They have been focused around simple trendline breakouts and breakdowns, within the context of a rising or falling moving average convergence/divergence and Chaikin money flow crossovers of its 21-period average....231 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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