WalMart $WMT got a boost at the start of the May 16 session following the release of its Q1 earnings report that came after the close of the May 15 session. Here's a quick summary of the report from Zacks.com:Walmart (WMT - Free Report) came out with quarterly earnings of $1.13 per share, beating the Zacks Consensus Estimate of $1.02 per share. This compares to earnings of $1.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 10.78%. A quarter ago, it was expected that this world's largest retailer would post earnings of $1.33 per share when it actually produced earnings of $1.41, delivering a surprise of 6.02%. Over the last four quarters, the company has surpassed consensus EPS estimates four times.Let's take a look at the market reaction and the structure of WMT's price action:WMT Daily Chart(click to enlarge)Bullish Breakout Ahead:- Before this report, price was held under the $104 level, a previous resistance pivot and where price met a falling trendline resistance.- Note that price is trading above the cluster of moving averages (200-day, 100-day, and 50-day).- Furthermore, the RSI has been holding above 40 and tagging 70, which reflects maintenance of bullish momentum since late 2018. - When looking at price action since 2018, we can see that WMT has been in a period of consolidation.- Thus, this latest 2019 bullish attempt is pinned against the resistance of this consolidation period.- A close above $105 this or next week would be a bullish breakout signal.- This bullish scenario opens up at least the 2018 high just under $110, with the potential of extending higher, which would be in-line with the overall long-term uptrend.- The weekly chart below shows us the long-term uptrend since at least 2012. We have seen periods of choppy consolidation.- Thus, if price falls below $100, don't be surprised if it remains in a choppy consolidation period with downside back to $90. WMT Weekly Chart(click to enlarge)