WFM is Showing Signs of Stability, Finally

Amidst widespread carnage across many sectors, Whole Foods, Market, Inc. (WFM) appears to have found an important support zone between 40 and 38, which my near- and intermediate-term pattern work indicate is a bottoming area after the major corrective phase off of the Feb high at 57.57.

If reasonably accurate, this means that WFM is doing the work necessary to confirm a significant low ahead of a potent recovery rally.

That said, however, WFM first must claw its way above key resistance between 40.75 and 41.75 to trigger some potentially-meaningfully upside traction.

Let’s also be aware that earnings are due to be released after the close on July 29.