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

By James Quinn

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. Yesterday's price range of $29.88 and $30.27 is within the prior day'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.

Kroger Co (NYSE:KR) is currently priced 7.2% above its average consensus analyst price target of $28.11. The stock should discover initial support at its 50-day moving average (MA) of $28.50 and subsequent support at its 200-day MA of $25.31.

Kroger Co share prices have moved between a 52-week high of $30.73 and a 52-week low of $20.70 and closed yesterday at 46% above that low price at $30.30 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.3%.

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 subscribers consider buying shares of Kroger Co on August 26th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.67. Since that recommendation, shares of Kroger Co have risen 28.1%. We continue to monitor KR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle kroger co

Ticker(s): KR