EW with Cycle Analysis for UNFILooking for a low soon for wave II. May extend to complete in September.
UNFI trade ideas
$UNFI #LONG #tradingGood opportunity with a food distribution company that is a great defensive play at the same time.
$UNFI is in a major strong support at 50-day MA$UNFI current price as of this writing closed at 15.44
Technically, $UNFI bounced on a 50-day moving average at 14.68 and another support at 15.15.
If it breaks down from its 50-day MA, another strong support at 13.62. A good entry is somewhere near the support at 13.62, 14.68 and 15.15 in case of a strong selling pressure.
With its good fundamentals - value, growth and momentum, its price movement may move sideways or bounce to its 14 to 17 price range while waiting for its catalyst.
Note: This is not a financial advice. The author is long on $UNFI.
UNFI LongFundamental Perspective:
United Natural Foods (UNFI) is a food wholesaler. They are currently best known as the supplier to WholeFoods and is one of the largest food distributors in America. From a fundamental perspective UNFI is on track to succeed. What's interesting is that this company were so excited to release their earnings, they put out a preliminary report and they absolutely hit it right outta the park: //ir.unfi.com/news/press-release-details/2020/United-Natural-Foods-Announces-Preliminary-Third-Quarter-Results-and-Provides-COVID-19-Business-Update/default.aspx
Technical Perspective:
As you can see, typical descending wedge following a parabolic movement aka bull flag. If we see another leg up to $22.50 by ER on June 10, we may potentially see a cup and handle breakout.
United Natural Foods $UNFIAs it flies high breaking the resistance, it reached the new resistance.
If it passes this resistance, next stop will be around $24.
Alternate EW count for UNFII didn't see that first of 1 wave and this count shows it with it included. Possible top at 13, then down in wave 2 could fit well with market crash coming up.
United Natural Foods $UNFI is on the trendlineIt is just above the trendline. There are assumptions;
1. Cup w handle
2. Going down to $9.2 will create unconfirmed 123 pattern.
for both pattern , $12.60 will be the confirmation resistance.
UNFI pullback right now!Hi! This looks like a good spot to pick up UNFI. Grabbing some at 11.81 with a target of 12.50. Remember, apply your own plan. The best we can do for each other is point out promising setups.
"United Natural Foods" is breaking out?It is just on the edge of wedge. Rsi is powerful and weekly volume is great. Next week will tell us the direction.
Good time to buyTechnical and Fundamental indicators show strong growth in the next few months. This company made a recent acquisition (Supervalu) and as per the company's strategy standpoint, it is a good move for expanding the supply chain and offer more product line to the customer.
Good buy for swing as well as value investors.
$UNFIWhat a chart, 2018 destroyed whole the stock, 2019 regain with good ER? Much upside space, no MA in the way till $40 or so.
