Whole Foods Market, Inc. (NASDAQ: WFM)

Whole Foods Market, Inc. operates as a retailer of natural and organic foods. Its stores offer produce and floral, grocery, meat, seafood, bakery, prepared foods and catering, coffee, tea, beer, wine, cheese, nutritional supplements, vitamins, and body care products, as well as lifestyle products including books, pet products, and household products. As of July 30, 2014, the company operated 388 stores in the United States, Canada, and the United Kingdom. Whole Foods Market, Inc. was founded in 1978 and is headquartered in Austin, Texas.
Take a look at the 1-year chart of Whole Foods (Nasdaq: WFM) below with the added notations:

WFM has had a rough go of it for most of the year. Since the low in July, the stock appears to have formed a double bottom (green) price pattern. The pattern is as simple as it sounds: Bottoming, rallying up to a point, selling back off to a similar bottom, and then rallying back up again.
As with any price pattern, a confirmation of the pattern is needed. WFM would confirm the pattern by breaking up through the $40 resistance (blue) that has been created by the double bottom pattern.

The Tale of the Tape: WFM has formed a double bottom price pattern. A long trade could be entered on a break above the $40 resistance with a stop placed under that level. Traders that are bearish on the stock could short the stock at $40.
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