Watch These Walmart Price Levels as Retailer's Stock Hits Record Highs

Core Insights - Walmart shares reached a new record high, driven by Jefferies analysts' projection that the retailer's investment in AI could nearly double its operating income by fiscal 2029 through operational streamlining [1][3] - The stock has shown significant upward momentum in 2024, but an RSI reading above 85 suggests a potential retracement may occur [1][3] - Key support levels for Walmart shares during potential profit-taking include $62, $55.50, and $51, which may attract buyers [1][4] Investment Analysis - Walmart's investment in AI is expected to significantly enhance its operating income, with projections indicating a near doubling from fiscal 2023 to fiscal 2029 [1] - The stock has been on a strong upward trend since December, breaking out from a pennant pattern in mid-May, indicating robust price momentum [3] - The last occurrence of an RSI above 85 in January 2018 led to a subsequent decline of over 20% in the following months, highlighting the potential for a similar pattern [3] - A projected price target of around $73 is identified, which is approximately 3.7% above the recent close of $70.41 [3] - Key levels to monitor during potential retracements include $62, $55.50, and $51, with $51 being a significant support level near a key trendline and the rising 200-day moving average [4]