novvoll12

WFM 33.45 –neutral – Extends oversold bounce

NASDAQ:WFM   WFM
WFM
6 0 0
wfm
WFM             33.45 –neutral – Extends oversold bounce

WFM             fell from the 65.59 record high (October 28, 2013) to the new YTD low at 30.18 (August 24, 2015), retracting over 50% of the 3.52/65.59 (2008 low/2013 high) rise. The current oversold bounce has scope to test the 36.08 resistance area (July 14, 2014 range low) which should cap. A break below 30.18 would extend the broad weakness towards the support cluster including 26.66 (August 8, 2011 higher low), 27.40 (61.8% of the 3.52/65.59 (2008 low/2013 high) rise) and 28.06, the equality target (65.59-36.08 from 57.57) where the stock could find a foothold.
Outlook:
Daily: neutral
Weekly: bearish
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