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Wait for an 'Approaching Oversold' Level Before Jumping Into Wal-Mart

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Wal-Mart shares are down 3% pre-market this morning after the company reported 3Q earnings.

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MINYANVILLE ORIGINAL Wal-Mart Stores Inc. (NYSE:WMT) shares are down 3% pre-market this morning after the company reported 3Q earnings. WMT said Thursday it earned $3.63 billion, or $1.08 per share, in the quarter ending October 31. The results were better than the same period last year when the company earned $3.33 billion, or $0.96 per share. Even though net income improved year over year, the numbers disappointed the Street, which was expecting $1.07 per share for the quarter. The stock is seeing additional pressure after the company announced that more allegations of bribery have been brought against the company in at least three more countries -- Brazil, China, and India. In April the New York Times reported that the company had found credible evidence that its Mexican subsidiary had paid bribes.

In many prior articles we have alerted reader to the fact that this name was at an Overbought level in the $74 level. At this juncture we would wait to get an Approaching Oversold level before jumping in.


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