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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Kroger Co (NYSE:KR) based on the price action in the company's shares. Yesterday's price range of $23.55 and $23.75 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. Traders and investors interested in shares of Kroger Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 18.4% exists for Kroger Co, based on a current level of $23.75 and analysts' average consensus price target of $28.11. Kroger Co shares should first meet resistance at the 50-day moving average (MA) of $24.84 and find additional resistance at the 200-day MA of $28.01.

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.

Kroger Co share prices have moved between a 52-week high of $32.74 and a 52-week low of $23.43 and closed yesterday at 1% above that low price at $23.75 per share. The 200-day and 50-day moving averages have moved 0.51% lower and 0.28% lower over the past week, respectively.

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 17.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle kroger co

Ticker(s): KR