KHC breaks key support level


Kraft Heinz Co (KHC) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
KHC breaks key support level
KHC breaks below previous session low
KHC falls to lowest close since May 4th
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

KHC finished Thursday at 58.06 losing $1.23 (-2.07%) on low volume. Today's closing price of 58.06 marks the lowest close since May 4th. Closing below Wednesday's low at 58.53, the stock confirms its breakout through the previous session's low having traded $0.81 below it intraday.

Daily chart for KHC
Volatility

Thursday's trading range was $1.12 (1.91%), that's slightly below last trading month's daily average range of $1.36. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking below the key support level at 58.26 today, it is now likely to act as resistance going forward.

Trend

Though the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 57.62 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Market Conditions for Kraft Heinz Co
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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