Ask The Trader: What About WFM Now?

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Shaun from Spokane, Washington asks: “What are your feelings about Whole Foods now?”

I wrote a couple of times about WFM when it was on its bum (as my British friends would say) and looking likely to head lower.  I said then that unless/until WFM could get back above the Resistance Zone indicated by the yellow horizontal lines, buyers should keep their powder dry (and ready).

That time has now come with Whole Foods having not only closed above the Resistance Zone, but also above the Value Zone denoted by the exponential moving averages.

What’s more, having closed above the noted levels for the week ended 7 November 2014, the stock has gone on to maintain this new price level suggesting that the market, at least for now, views it as  reasonable.

What to do with it?  Why stalk an entry of course!

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