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June 18, 2009 (FinancialWire) (By Frank Kollar) -- Shares of Whole Foods Market Inc (NASDAQ: WFMI | Quote | Chart | News | PowerRating) declined to short term support levels at $18.32 in intra-day trading on Wednesday June 17, before closing at $18.65.
The last correction in shares of Whole Foods ended at about this level in late May. If we break those prior lows, Whole Foods could fall to $16.33 in coming days, and possibly as low as $14.63. It would also result in a double top for Whole Foods.
But a reversal here should push shares back towards their highs and a potential breakout. Watch for a reversal day for a possible long position with a stop just below those prior lows.
Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.
Kollar's research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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