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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Kroger (NYSE:KR) based on the price action in the company's shares. Today's price range of $28.82 and $28.97 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. Traders and investors interested in shares of Kroger may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Kroger have traded between a low of $27.32 and a high of $42.75 and are now at $28.89, which is 6% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.7%.

Kroger (NYSE:KR) has potential upside of 27.4% based on a current price of $28.89 and analysts' consensus price target of $36.81. The stock should run into initial resistance at its 50-day moving average (MA) of $37.55 and subsequent resistance at its 200-day MA of $37.98.

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 on January 3rd, 2017 by issuing a Downtrend alert when the shares were trading at $33.96. Since that call, shares of Kroger have fallen 15.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Kroger

Ticker(s): KR