Whole Foods Market (WFM) is struggling and that’s put its stock in a precarious position. Technical analysts say Whole Foods may not have as much time as it hopes to repair its image because the natural foods grocer’s stock is at a technical cliff. The stock tumbled 11% last week after reporting disappointing results on Wednesday and provided a downbeat outlook. Chart watchers say it’s close to completing a long term bearish ‘head and shoulders’ pattern, which could trigger a break to the downside. A close below $36 a share could lead to more selling. Whole Foods stock has been building that potentially bearish pattern for 3 1/2 years. However, some analysts note that Whole Foods is seeing a slight increase in same store sales and the company is working quickly to address and fix its problems.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
