Walmart’s Stock Soars: AI Predicts Potential Upside for Investors
Walmart’s (NYSE: WMT) shares have experienced a remarkable surge in 2023, reaching a fresh all-time high this month. This upward trend mirrors the broader market trend seen in the S&P 500 index. The retail giant’s stock saw a significant uptick last month after surpassing Q2 profit and sales expectations, primarily driven by robust grocery and e-commerce sales. Adding to investor confidence, Walmart also raised its full-year guidance.
Looking ahead, experts turned to artificial intelligence (AI) algorithms on CoinCodex to gain further insights into whether Walmart can maintain its current momentum. The AI-based predictions retrieved on September 28 indicate that Walmart’s stock is expected to trade at $149.68 on November 30, suggesting a potential downside of more than 7% from its current share price.
However, the algorithms predict that the retail giant’s shares will bounce back in the next six months, reaching $172.05. This positive trajectory is expected to continue in the next year, with a slight pullback to $169.6. At the time of writing, Walmart’s stock was valued at $161.7, reflecting a slight decrease of 0.48% in the past 24 hours and around 1.1% on the weekly chart.
When considering the overall performance, Walmart’s stock has shown an upward trend of approximately 2.5% on a monthly basis. On a year-to-date basis, the stock has gained over 13.4%, outperforming the S&P 500 index, which has recorded an 11.7% increase.
Currently, the retailer’s shares face a resistance level at around $162.7. A breakthrough of this barrier would pave the way for Walmart to attack the all-time high of $165.7 reached in mid-September. On the downside, the stock finds support close to $160.8, indicating an area where buying pressure may increase. If the stock dips below that threshold, it will encounter another support level at $159.1, followed by a 100-day moving average (MA) at $156.6.
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In conclusion, Walmart’s stock has experienced a substantial surge, reaching new heights in 2023. The retail giant’s impressive performance can be attributed to exceeding profit and sales expectations, driven by thriving grocery and e-commerce sectors. Although AI-based predictions indicate a potential downside in the short term, experts project a significant rebound in the coming months. As investors consider their options, Walmart’s stock presents both opportunities and challenges.
