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Actionable news in WMT: WAL-MART STORES Inc,

Wal-Mart (WMT) Stock Checkout: 10% Lower From Here Could Be Just the Beginning

NEW YORK (TheStreet) -- OK, while everyone is belatedly downgrading Wal-Mart (WMT - Get Report) , you think the decline is overdone. Let's say you are a long-term-value kind of guy. What do you do?

With the trend being down, we have no technical reason to step up here, but you are a believer in management and you expect things to be straightened out. But still, the trend is down. Let's look at a Point and Figure chart, below.

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Point and Figure charts are the oldest charting technique in the U.S., and date back to around the 1880s. This method of displaying price action ignores volume and time and only tracks price changes/reversals.

In this chart of WMT, above, we can see the new low for the move down that occurred yesterday. Now move your focus over to the left to the "Xs" and "Os" in the mid-$50s. This is the next anticipated area of support for WMT, if it continues lower.

We are not saying that we think WMT will...