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

By Amy Schwartz

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 $71.35 and $72.20 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.

Kroger (NYSE:KR) has potential upside of 11.1% based on a current price of $71.94 and analysts' consensus price target of $79.94. Kroger shares should encounter resistance at the 50-day moving average (MA) of $74.38 and support at its 200-day MA of $60.87.

Over the past year, Kroger has traded in a range of $44.24 to $77.74 and is now at $71.94, 63% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.6%.

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 is tracking the current trend status for Kroger and will alert subscribers who have KR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Kroger

Ticker(s): KR