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Thursday, February 9, 2012

WFM


WFM broke out about the middle of January, hit a high of 78.29 before pulling back, and retested that high yesterday, breaking out again today. This is an interesting test of my extremely unscientific "pivot point projection" system, basically projecting a target price based on the positions of two prior pivot points.  I see a few possibilities here: it could pull back and form a new base in the 78-83 range; it could top somewhere near here and pull back sharply; or it could blow past the next point, making a mockery of my projection. Since I take that system only semi seriously, I won't be making any bets on which one is most likely.

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