Whole Foods Market Set to Possibly Pullback After Yesterday's Rally of 2.02%
Whole Foods Market (NASDAQ:WFM) traded in a range yesterday that spanned from a low of $34.01 to a high of $34.67. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $33.79 on volume of 5.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, Whole Foods Market share prices have been bracketed by a low of $28.07 and a high of $54.88 and are now at $34.38, 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.4%.
SmarTrend recommended that subscribers consider buying shares of Whole Foods Market on July 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.60. Since that recommendation, shares of Whole Foods Market have risen 3.5%. We continue to monitor WFM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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