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Possible Bearish Inside Day Candle Pattern Detected for Kroger Co (NYSE:KR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kroger Co (NYSE:KR) based on the price action in the company's shares. Today's price range of $24.59 and $24.65 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Kroger Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Kroger Co share prices have been bracketed by a low of $22.44 and a high of $32.74 and are now at $24.65, 10% above that low price. The 200-day and 50-day moving averages have moved 0.39% lower and 0.03% lower over the past week, respectively.

There is potential upside of 14.1% for shares of Kroger Co based on a current price of $24.65 and an average consensus analyst price target of $28.11. The stock should find resistance at its 200-day moving average (MA) of $27.62, as well as support at its 50-day MA of $24.65.

The Kroger Co. operates supermarkets and convenience stores in the United States. The Company also manufactures and processes some of the foods that its supermarkets sell.

SmarTrend recommended that its subscribers protect gains by selling shares of Kroger Co on December 6th, 2018 by issuing a Downtrend alert when the shares were trading at $28.72. Since that call, shares of Kroger Co have fallen 14.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle kroger co

Ticker(s): KR