Forecast Report: WFM

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Whole Foods Market ( WFM ) declined in Wednesday's night trade on the back of a lower-than-expected FY 2014 earnings view.

WFM tumbled to an early evening low of 57.01 before firming to still downside levels between 59.78 and 57.78, a range where it stayed through the bulk of night trade. A pre-bell open Thursday may have potential in the 58.70 to 58 area. WFM has developed a steady pattern of widening price moves between the sessions following its after-hours earnings-related events, extending its move after 26 of its past 37 earnings-related events. Looking deeper into the performance data, WFM has seen an earnings-driven after-hours decline in 16 of the 37 quarters we've tracked, and in 11 of those events it has seen its evening downside widen in the following day's regular session (69% of the time). With selling aggressive Wednesday night, and the historical downside pattern firmly in place, we would look to play the short side on the shares early Thursday. Traders may want to target a near-term ceiling level at 59.67 to 58.70, a top that could see downside drift back into the lower-58s.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: WFM

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