KR runs into sellers again around 21.63
Kroger Company (KR) Technical Analysis Report for Jul 03, 2019 | by Techniquant Editorial Team
KR finished Wednesday at 21.55 gaining $0.11 (0.51%) on low volume, slightly underperforming the S&P 500 (0.77%) ahead of tomorrow's Independence Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (KR as at Jul 03, 2019):
Wednesday's trading range has been $0.27 (1.26%), that's far below the last trading month's daily average range of $0.58. 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.
After having been unable to move above 21.61 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 21.63. The last time this happened on June 17th, KR lost -1.72% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 22.03 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 21.17 where further sell stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Kroger. Out of 678 times, KR closed higher 52.95% 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 60.32% with an average market move of 0.78%.