KHC breaks key support level
Kraft Heinz Co (KHC) Technical Analysis Report for May 17, 2018
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.
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.
Breaking below the key support level at 58.26 today, it is now likely to act as resistance going forward.
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.
Selling could accelerate should prices move below the close-by swing low at 57.62 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.