Watch These Walmart Price Levels as Retailer’s Stock Hits Record Highs [Video]

Walmart (WMT) shares climbed to a new record high on Wednesday, adding to this year’s impressive gains after Jefferies analysts said that the big box retailer’s investment in artificial intelligence (AI) has the potential to nearly double its operating income between fiscal 2023 and fiscal 2029 by streamlining operations.

Below, we zoom out to Walmart’s weekly chart and use technical analysis to identify key levels to watch out for.

Since retracing to the 50-week moving average in December, Walmart shares have tracked sharply higher, with the price continuing to trend upwards after breaking out from a pennant pattern on above-average volume in mid-May.

However, while the relative strength index (RSI) points to strong price momentum, it also increases the likelihood of a retracement with a heavily overbought reading above 85. The last time the indicator flashed at these levels in January 2018, the stock subsequently slumped more than 20% over the next four months.

To speculate how …