Walmart's (NYSE: WMT) impressive resilience and growth have propelled them to another record high, surpassing their previous milestone set in September 2023 at $165.
Achieving this was not without obstacles, as their stock faced a substantial downturn between April and May 2022, resulting in a 26% decline that caused concern among investors.
However, what transpired afterwards showcased Walmart's inherent strength and appeal in the market.
Walmart's stock successfully rebounded from a low of $117, experiencing an impressive 42% price increase.
The stock had to overcome various resistance levels along the way up. A significant turning point was when it surpassed last year's high of $160.
Overcoming this major resistance level was critical for Walmart's stock as it regained its bullish momentum.
In August 2023, a significant breakthrough occurred when the stock price surged beyond $160.
Although there were fluctuations above and below this level for a while, by October 2023, the bullish trend had regained strength, pushing the stock to unprecedented heights and ultimately establishing a new record high.
Investors eagerly await Walmart's Q3 earnings scheduled for November 16th. The estimated earnings of $1.51 per share are receiving significant attention, particularly after the impressive 8.24% surprise in Q2 earnings.
The stock has experienced an impressive 2.6% increase for November so far and a solid year-to-date growth of 17%.
Walmart's ability to thrive in different market conditions is evident in its market position.
Despite a major setback earlier in the year, the company has rebounded and reached new heights, showcasing its resilience and investors' trust in its business model.
After the closing bell on Monday, November 13, the stock closed at $167.68, trading down by 0.90%.