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WhiteWave's Chart Is Showing More Upside

WWAV's Relative Strength Index is showing tremendous strength.
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It's no surprise that many of the food stocks have come down, especially the ones with grocery aisles. Whole Foods (WFM), Sprouts (SFM) and The Fresh Market (TFM) all missed the mark this quarter, yet the suppliers are doing just fine and thriving in an environment of changing consumer tastes.

WhiteWave (WWAV) is one of those name, and by the looks of the chart, it may have more upside to come. After earnings in early May, the stock popped and held the gap, a sign of strength. After a brief consolidation, we saw it bolt higher on Wednesday on huge volume (circled).

The stock is now overbought, and as we see on the %R, it can stay that way for awhile. The Relative Strength Index is showing tremendous strength.

The Street's Jim Cramer recently penned a bullish argument for the stock. WWAV is a holding of Cramer's charitable trust, Action Alerts PLUS.

At the time of publication, Lang held no positions in the stocks mentioned.