KR closes lower for the 2nd day in a row
Kroger Company (KR) Technical Analysis Report for Jul 02, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, KR ended Tuesday at 21.44 losing $0.16 (-0.74%), strongly underperforming the S&P 500 (0.29%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (KR as at Jul 02, 2019):
Tuesday's trading range has been $0.44 (2.04%), that's below the last trading month's daily average range of $0.60. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KR. Prices continued to consolidate within a tight trading range between 21.17 and 22.03 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Hammer. The last time a Hammer showed up on May 31st, KR gained 0.66% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hammer" stand out. Its common bullish interpretation has been confirmed for Kroger. Out of 22 times, KR closed higher 54.55% 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 63.64% with an average market move of 2.08%.