Whole Foods Market Inc (NASDAQ: WFMI) Declines to Support Says Market Timer Frank Kollar
June 18, 2009 (FinancialWire) (By Frank Kollar)
Shares of Whole Foods Market Inc (NASDAQ: WFMI) declined to short term support levels at $18.32 in intra-day trading on Wednesday June 17, before closing at $18.65.
The last correction in shares of Whole Foods ended at about this level in late May. If we break those prior lows, Whole Foods could fall to $16.33 in coming days, and possibly as low as $14.63.
It would also result in a double top for Whole Foods.
But a reversal here should push shares back towards their highs and a potential breakout.
Watch for a reversal day for a possible long position with a stop just below those prior lows.
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.
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.
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