7 replies to this topic

[Jnavin]

Big sell-off takes it into powerful support at 25. I'm a buyer. My stop loss is 24.5. Just a little tiny bit.

[hiker]

interesting trade...thanks for the heads-up, John.

http://stockcharts.com/gallery/?skyw

today's low represents a 50.8% retrace of the swing move shown on the weekly...not that I would count on fibo for an entry

note the 5 ema vs the 21 ema on the weekly chart.

Edited by hiker, 11 January 2006 - 01:48 PM.

[hiker]

needs to move above the 3-mo low of $26 to have legs.

[Jnavin]

There it goes -- above 26 with good relative strength on a day when the market as a whole is selling off. Nice.

[Jnavin]

27.50...moved the stop loss up. I'm hanging on for more.

[Jnavin]

Out of it, completely.

[hiker]

great trade, John.

If you have an interest and time, take a look at the RSI on the weekly chart for WFMI...how much significance would you give to future behavior relative to the support level where the weekly RSI currently resides, ie a move below indicating further bearish action to come, or a price bounce if RSI support holds.

I am looking at other indicators and generally plan to trade both sides of WFMI for a while...Just curious about your opinion re: the current structure of the weekly RSI and its usefulness under the circumstances.

Opinions of others welcome too.

This is of interest at the moment, because WFMI has had its first obligatory test of the 200 day ema following the downside break of the weekly rising bottoms trendline....traders seem to be beared up....volume selling today above and below $68.

Edited by hiker, 09 February 2006 - 04:55 PM.

[Jnavin]

You're right. Whole Foods support is at 64/65 on the weekly and it's there. My only hesitation is that I think the market as a whole is about to sell-off. Probably get a better price shortly. Just guessing.