KR declines to lowest close since May 31, 2018
Kroger Company (KR) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
KR ended the week -0.45% lower at 24.36 after losing $0.39 (-1.58%) today, notably underperforming the S&P 500 (0.5%). Today's close at 24.36 marks the lowest recorded closing price since May 31, 2018. Closing below Thursday's low at 24.65, Kroger confirmed its breakout through the prior session low after trading up to $0.47 below it intraday.
Daily Candlestick Chart (KR as at Mar 15, 2019):
Friday's trading range has been $0.63 (2.55%), that's slightly below the last trading month's daily average range of $0.77. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for KR.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on March 8th, KR actually gained 0.82% on the following trading day.
Prices are trading close to the key technical support level at 23.98 (S1). Prices are trading close to the key technical resistance level at 24.98 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 24.98 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 23.98 where further sell stops could get activated. 2018's low at 22.85 is within reach and we might see further downside momentum should the market break out beyond.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) below 30" stand out. Its common bullish interpretation has been confirmed for Kroger. Out of 29 times, KR closed higher 65.52% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.62% with an average market move of 1.04%.