Whilst the main market saw churn for the first half of the day, Whole Foods Market (WFM) continued to slip, hitting a low of $41.26. There was a significant latter day recovery, with WFM settling +0.2% @ $41.82. Price structure is offering a large bull flag, with viable upside to the 48/50 zone by mid July.
*I remain LONG WFM from the $41.60s...(I should have bailed recently in the 42.80s), but instead, I'm seeking my first exit in the 43/44 zone..which seems viable in the next 2-4 days.
On any exit, I would still look to re-long WFM on any subsequent intraday down cycle, and hold until 47/48. The low $50s will be... difficult.
Suffice to say, considering the broader market looks set to continue battling broadly higher into mid July, I see a very high chance of the high 40s within the next few weeks.
What will be extremely difficult is for WFM to retake the big 200 day MA... still in the low $50s. I do not expect that this summer..indeed...perhaps the rest of the year.