Technician
Short

Whole Foods Technical Analysis: Looking Heavy!

NASDAQ:WFM   WHOLE FOODS MKT INC
456 4 5
Technical Analysis
As markets rally Whole foods fails to impress, the stock looks heavy.

Technically,
1) Bearish 50 and 200 days SMA crossover(so called death cross)
2)A potential(not yet completed) Major head and shoulders top pattern
3)The price settles below the 200-days and 50-day SMA .

A retest of the averages and the short term descending Resistance may provide a new opportunity to short, although i would like to see some bearish candlestick , i.e shooting star at that area. Looking for a new bearish wave towards 50.00 major long term support. On a break below 50.00, the main head and shoulders pattern would be confirmed, strong volume levels preferred on a breakout, that may clear the way towards a longer term target near 40.65 support.

Note: If price fails to hold below the moving averages and head to break 55.00 level again, that could minimize the chances of completing the head and shoulders .

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Related Ideas

alvnngyn
2 years ago
really digging your commentary and insight for novices like me.
Reply
BuboWaveTrader
2 years ago
ahah its gonna brake up,,,
Reply
timwest PRO
2 years ago
Perfect!
Reply
Technician TOP timwest
2 years ago
Been lucky :)
Reply
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