Screaming Buy Alert: Whole Foods Market, Inc.

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.

 

(check out the recent trades that the Pros have taken right here)

 

Gareth Soloway

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