I have seldom written about one of my favorite stocks within the retails sector. 
SFM has been a great momentum stock but on Aug 12th I highlighted that the stock is loosing momentum.
SFM vs XRT: SFM losses momentum. Underperforming XRT. for NASDAQ:SFM by RabishankarBiswal — TradingView
Since my last blog when the RSI was above 40, the stock has lost 50% of the value. Crrently the RSI is @ 20 and forming a double bottom on the charts. With such heavy correction on such a momentum stock it makes sense to look at the Eliot correction wave. Usually the 3rd wave is the longest in such corrective patterns. With the stock hovering around 75 $ it has almost corrected 60 %. The 0.618 Fib retracement level from the 52 week high is at 70 $.SFM has usually outperformed the 
XRT and SPY over the last 5 years and still holding its outperformance.
Trade set up :SFM is in an accumulation pattern. Eliot correction pattern is nearing completion. Stock to bottom @ 70 $. Double bottom in RSI is bullish.
SFM has been a great momentum stock but on Aug 12th I highlighted that the stock is loosing momentum. SFM vs XRT: SFM losses momentum. Underperforming XRT. for NASDAQ:SFM by RabishankarBiswal — TradingViewSince my last blog when the RSI was above 40, the stock has lost 50% of the value. Crrently the RSI is @ 20 and forming a double bottom on the charts. With such heavy correction on such a momentum stock it makes sense to look at the Eliot correction wave. Usually the 3rd wave is the longest in such corrective patterns. With the stock hovering around 75 $ it has almost corrected 60 %. The 0.618 Fib retracement level from the 52 week high is at 70 $.
SFM has usually outperformed the XRT and SPY over the last 5 years and still holding its outperformance. Trade set up :
SFM is in an accumulation pattern. Eliot correction pattern is nearing completion. Stock to bottom @ 70 $. Double bottom in RSI is bullish. 
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.