Take a look at the chart in this morning's "Say What You Will About Wal*Mart (WMT)" post.
What do you see?
The old time chartists had a rule of thumb that the target of the upmove was as high as the plateau under the breakout was long.
Of course it mattered what the ratio of your X and your Y was and whether you used a log or arithmetic presentation but you get the point.
Here's the latest, from MarketBeat:
Shares of Wal-Mart continue to defy expectations.Today the stock was up 2/3 of a percent while the DJIA, of which it is a component, was down .14% .
The stock, which languished for a decade, recently broke out to fresh 12-year highs despite the broad market’s swoon. The pop has coincided with growing optimism that the company’s U.S. operations are improving.
“After four years of on-again-off-again attempts to right the U.S. business, Wal-Mart appears to be regaining its sales momentum,” says Michael Exstein, an analyst at Credit Suisse.
Shares are up 0.6% at $65.95. Wal-Mart is the best performing Dow component over the last month, up 12%, while the blue-chip index has declined 7.3%....MORE