Sell Off In Whole Foods Market Inc (NASDAQ: WFMI) Says Market Timer Frank Kollar
November 20, 2007 (FinancialWire) (By Frank Kollar)
Shares of Whole Foods Market Inc (NASDAQ: WFMI) were finally having a nice rally this summer after enduring two years of losses. But over the past six weeks, they have given up 20% of their recent gains.
Is the rally over for shares of Whole Foods? Not so fast.
Whole Foods declined right to critical support on Monday and rebounded. Not exactly a big rebound, but still support, at about the $42.50 level, has held.
Watch for continued a rebound from these lows if it is to hold. If $42.50 is the bottom for Whole Foods, shares could see a rally to the previous highs around $53 a share. If support breaks though, the lows could reach $36.00 in short order.
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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