Thought yesterday, if WFM gapped to this location, twould be bearish. Edge is bearish on all time frames.
After a beautiful gap, everyone wanted to be in. Now lets look at a little analysis. Earnings in a month. Volume : Above average recently. EMA's : Bullish fighting to catch up with price action. SMA's : Bullish after a recent cross. Stochastics : Bullish cross and heading higher. Not yet overbought. RSI : Headed lower at 64, meaning room to move if a move is...
Monitoring WFM closely... Cant enter sell put cause Option volatility crushed after earnings..
Very bullish gap on WFM. Broke out of a large accumulation phase. Prior 2 daily candles were black. Gapped and opened above a prior resistance. Bullish is the edge. Look for good entries on the 15 min, hourly.
Good risk to reward opportunity in WFM. I would go Long with an end of day confirmation of a close above 38.70. Stop at previous Wednesday's close of 37.88. Target would be a challenge of mid June highs at around 43. Reward : +4 Risk : -1.12
WFM looks like a head a shoulder play....will probably be following the weekly's for possible in opportunity's, should it not cross 2/3 fibonaci
I just don't buy the argument that the organic food industry is too saturated and competitive for Whole Foods to remain relevant. There's just so many people out there, the market is big enough for all the players to book profit and prosper.