Whole Foods Turns on a Dime -- And the Charts Are Now Bullish

It never fails to amaze me how quickly markets can change. A weak chart one day can flip nearly overnight to a very bullish-looking chart. Whole Foods Market  (WFM) is a case in point. When I looked at the charts and indicators on WFM at the end of March I saw a weak-looking stock. A few days later and the chart explodes to the upside. No approach is 100%.

Instead of looking for a breakdown below $28 I need to look at where WFM can go above $37 -- the top of its trading range since August 2015. Prices are certainly extended on the upside and could use a rest but if a deal is in play (TheStreet's Laura Berman discusses that here) then we can tear up the normal playbook. Let's take a look at some updated charts and indicators to plot a fresh strategy....272 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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