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Volume Spike Detected in Shares of Whole Foods Market as They Move Lower on 6.2x Above-Average Volume (WFM)

Published on Thu, 02/14/2013 - 14:09
By Adrienne Chilton

The price of Whole Foods Market shares has slipped to $87.50 (a 9.7% change) on heavy trading volume. Approximately 9.8 million shares have changed hands today vs. average 30-day volume of 1.6 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

In the past 52 weeks, Whole Foods Market share prices have been bracketed by a low of $53.32 and a high of $101.86 and are now at $87.50, 64% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.2%.

Whole Foods Market, Inc. owns and operates a chain of natural food supermarkets in the United States. The Company's stores provides full range of merchandise, featuring products that are free of artificial flavors, sweeteners, colors, preservatives, and added chemicals. Whole Foods also develops, produces, and markets nutriceuticals and nutritional supplements.

Potential upside of 20.9% exists for Whole Foods Market, based on a current level of $87.50 and analysts' average consensus price target of $105.78. The stock should run into initial resistance at its 50-day moving average (MA) of $91.96 and subsequent resistance at its 200-day MA of $92.98.

By Adrienne Chilton
achilton@fnno.com