WMT Analysis Update for 07.01.2007

Monthly chart shows price to be stuck in consolidation. Current resistance is at $52.32 high and support at the $41.58 low. Buyers unwilling to take price much higher, with selling evident as price tested the $52.32 high. Pattern looks to be a wave 4 consolidation. IF it is a wave 4, THEN look for lower low to complete wave 5.

The weekly chart shows more clearly the consolidation range. Selling seems to have stopped for the time being.

Major indecision between buyers and sellers for the past week. Look to early next week for signs of weakness or strength.