Whole Foods Looks Resilient
A number of stocks have steep two-month trendlines that are being broken in today's session, and many of those have very little in the way of nearby support on their charts. During any potential pullback, it is important to look for stocks that are in a technical condition best able to withstand selling pressure, because they are the most likely to experience a bounce and eventually lead the market back up.
Shares of Whole Foods Market (WFM) had a strong run from August 2011 to October 2012, establishing a solid long-term uptrend line on the weekly chart. Shares pulled back off their October high and in November began trading in a horizontal channel. That consolidation process saw the uptrend line broken and the 50-day moving average violated, but two weeks ago the stock moved back above the average and took out channel resistance....177 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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