Worrisome Action in Whole Foods
Whole Foods (WFM) has been in the red since the bell. The heavy trade has pushed shares below key support near the stock's flat-lining 50-day moving average. WFM's May high, which was reached a day after a powerful surge on May 3, is also in this area.
Yesterday's downgrade from Williams Capital has sparked some fairly heavy selling that has dropped shares over 2%. A steep pullback could develop soon after this high-volume violation of solid near-term support. The area of multi-week lows in late June and last week, along with an overhead 50-day moving average, could develop into a heavy layer of overhead resistance. This supply zone, between $91.20 and $92.35, may provide a low-risk shorting opportunity after a light-volume bounce. ...80 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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