Last week, we saw shares of Walmart (WMT) break below a rising channel support. This week, price action is suggesting that bears are indeed in charge and we should anticipate another period of bearish correction. Walmart (WMT) 1/11 Daily Chart(click to enlarge)Bears in Charge:- After price retreated from 75.00 in August 2016, the RSI was also dragged down to 30. This reflects bearish momentum.- When the RSI held below 60, it suggested continuation of this bearish momentum.- Further the fact that price is now under the 200-, 100-, and 50-day simple moving average (SMAs) shows that the market is at least NOT bullish anymore. Bearish Outside Bar and Bearish Outlook:- The 1/10 session represents a failed attempt to climb back above 69.- The high are above the previous day's high and the low is below the previous day's low. This is a bearish outside bar that reflects conviction of the bears.- A break below 68.10 would be another confirmation of the bearish outlook.- We should anticipate a push towards 67.10 before seeing some buying. - As long as price holds under 70, we should anticipate a sideways to bearish market.- However, for now, we should hold our bearish outlook to the 62-63 support area.