Possible Bottom For Whole Foods (NASDAQ: WFMI) Says Market Timer Frank Kollar
June 4, 2007 (FinancialWire) (By Frank Kollar)
Shares of Whole Foods Market Inc (NASDAQ: WFMI) have been in a wicked decline since touching $80.00 back in December 2005. Whole Foods is under increased competitive pressure from retailers such as Wal-Mart (NYSE:WMT), and Kroger (NYSE:KR) that are offering organic food items.
Whole Foods almost reached a critical support level a couple weeks ago, at $37.00. This was the July 2004 low for this stock. Potentially, this was a bottom and in the past two weeks Whole Foods has moved higher, though not exactly gangbusters.
If $37.00 was a bottom for Whole Foods, there is a huge amount of upside potential in coming weeks and months. Any bullish traders should remember that $37.00 level though. If broken, it would likely be the start of a whole new level of pain for shares of Whole Foods.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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