- Technical Market Commentary -

October 15, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of Whole Foods Marketing (NASDAQ: WFMI) have been trading mostly sideways since reaching 2010 highs (at $42.50) back in May. But they have formed a bullish pattern since.

Since May, WFMI has been making lower highs in its rallies and higher lows in its declines. If you draw a line through the rally closing highs, and the decline closing lows, you get a pennant pattern. Typically when a stock breaks-out of such a pattern it continues in the direction of the break. Also, stocks usually break in the direction of the previous major trend, and in this case that trend was up.

Currently WFMI’s upper-declining trend resistance line is at about $37.50 per share. A decisive close above that level would be a bullish breakout, and would result in considerably higher highs over coming months.

Whole Foods stock closed at $37.06 per share on Thursday, October 14.

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(Go to http://www.financialwire.net/2010/05/01/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby for more of Kollar’s commentaries.)

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