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Walmart (WMT) Confirming Bearish Breakout

We recently looked at Walmart $WMT when it was in a consolidation range roughly between $85.45 and $90. We noted that WMT was likely going to be break below the $85.45 support and push towards $80 and $77.50.

WMT Daily Chart

(click to enlarge)

Bearish Signs:
- The daily chart shows that WMT did eventually break below the range. 
- Then, after finding support around $82, it rebounded back into the middle of the broken range.
- We can see that the market rejected the bullish price action, treating the previous range as resistance. 
- Price is also holding under the 200-, 100-, and 50-day simple moving averages, signaling a bearish outlook,
- I would not rely on the support around $82 anymore, as the bearish push at the moment could break it down and push towards the $80, and possibly $77.50 area we discussed before.
- Look for resistance around $85 as further confirmation of this bearish outlook.
- A break above $88 on the other hand warrants reassessing, and maybe waiting for more clues.