Whole Foods Market, Inc. (NASDAQ:WFM) had an epic run higher from $28.00 to $35.50 from May 2016 to June 2016. Since the start of June, the stock has pulled back, falling to a current price of $31.25. There is huge support here for a big bounce higher, maybe even another big leg higher. The reasoning?
1. The Whole Foods Market has fallen six days in a row, meaning it is extremely oversold.
2. The stock has slammed into the daily 50 and 200 moving averages. This is huge support.
3. The Whole Foods is into its 61.8% Fibonacci level which is another huge support, technical level.
All in all, this stock will likely see a 10% bounce in the coming days. Note the chart below for details.