Walmart - the retail giant reporting earnings next week. Has the reduced level of consumer spending weighed on its performance?

Walmart is expected to report earnings on Tuesday. It has been a mixed earnings season for retailers, with many affected by less consumer spending and higher costs due to the battle with inflation. Currently, its share price is trading at around $169.36 a share in the pre-market trade. Looking at the weekly timeframe, since June 2022, the price has been trading within this channel. Nevertheless, it continues to rise. We can see that it is now coming across some resistance as last week’s candlestick closed lower, suggesting that some profit-taking ahead of the earnings could be at play. It also seems like this week’s close could be similar. However, the stock does have support below in case of any selling pressure, with the first at $159.80. Only a break of this support could see the price slide lower towards the trendline support, which currently reads $154.87. Towards the upside, a break above $171.06 would be required before any further gains are eyed. Key trendline resistance reads $174.87. Looking at the technical indicators, they paint a pretty positive outlook for the near term. The MACD is positive and rising and the RSI is also positive as it reads 64.