Whole Foods Market (NASDAQ:WFM) had an epic run higher from $28 to $35.50 between May and June this year. Yet since the start of June, the stock has pulled back, falling to a current price of $31.25, where there's huge support for a big bounce higher -- and possibly another big leg higher.
What's Going On?
- Whole Foods has fallen six days in a row, meaning it is extremely oversold.
- The stock has slammed into its daily 50- and 200-day moving averages. That's huge support.
- Whole Foods is into its 61.8% Fibonacci level, which is another huge technical level of support.
All in all, WFM will likely see a 10% bounce in the coming days. The chart says it all.