UNFI: Technical Analysis Update

Hey everyone, just diving into UNFI's hourly chart.
If you're trading UNFI or have your eyes on it, here's a little TA that might give you some extra insight.
Here's a quick TA rundown:

• Trend: After a significant rally peaking on Nov 6, we've seen a correction. The trend is a bit uncertain, with some sideways movement around the $10.05 mark.
• Support/Resistance: There's clear resistance around the $10.20 level, with support forming near $10.05. A break below could see further drops, so watch these zones.

• Indicators:

  • Fibonacci Retracement: The price retraced to the 0.236 level ($10.701) and is hovering above it, indicating potential support.
  • SAR: Parabolic SAR dots have appeared above the price, suggesting a downtrend.
  • SMA: The price is below the Simple Moving Average, hinting at bearish sentiment.
  • Ichimoku: We're seeing the price move below the cloud, which traditionally means bearish.
  • Bollinger Bands: The price is ranging near the lower band, indicating low volatility but potential overselling.
  • Stochastic: %K and %D are below 50, showing bearish momentum.
  • RSI: Sitting around 41, indicating neither overbought nor oversold conditions.
  • MACD: The MACD line is below the signal line, reinforcing the bearish trend.
  • OBV: On Balance Volume isn't showing significant volume changes, so no clear direction from volume.
  • CMF: The Chaikin Money Flow is negative, suggesting that money is flowing out of UNFI.

Conclusion: Bulls need to push past the $10.20 resistance to regain control, while bears might look to drive the price down if it falls below the $10.05 support. Keep an eye on volume and the $10.20 resistance level for potential trend shifts.

As always, this isn't financial advice, but I hope it helps you in your own analysis!