United Natural Foods Tanks After Earnings, Watch This Trade Level

This morning leading distributor and retailer of natural, organic, and specialty products, United Natural Foods Inc (UNFI) is tumbling sharply lower. The company reported earnings that failed to impress Wall Street investors, missing on revenues and earnings per share. Today, United Natural Foods Inc (UNFI) stock is trading lower by 15.0% to $15.94 a share. At this moment, the stock price is sitting on its 200-day moving average. A break below this key support level on a daily close will likely send the shares lower.

Traders should note that United Natural Foods Inc (UNFI) stock has been making lower highs on the daily chart since June 2020. This tells me there is a good chance the stock might continue lower for a while. The next major chart support level that I see will be around the $12.00 area. This level is where UNFI stock broke out on the daily chart on May 11th, 2020. This is also a very important retrace level which should also provide solid support when tested. I will be looking at UNFI for a long trade when the stock reaches this major support level.

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