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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 $50.16 and $50.49 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 5.4% based on a current price of $50.28 and analysts' consensus price target of $53.00. The stock should discover initial support at its 50-day moving average (MA) of $48.54 and subsequent support at its 200-day MA of $43.35.

In the past 52 weeks, shares of Kroger have traded between a low of $35.13 and a high of $51.49 and are now at $50.28, which is 43% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.4%.

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 on February 18th, 2014 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.44. Since that recommendation, shares of Kroger have risen 33.9%. We continue to monitor KR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Kroger

Ticker(s): KR