Is there a trend developing? Today, I wrote about Diamond Foods (DMND), Kellogg (K) and now Flowers Foods (FLO).
In the chart above, FLO made a nice consolidation between $24 and $18 and just broke out on the upside. In this weak market environment, we don't see a compelling need to buy FLO at the market price and would rather see how we can do with an order in the $24.50 area or so.
A decline below $22 would probably make us question the strength of FLO and move us to the sidelines.