KR rises to highest close since December 20, 2016
Kroger Company (KR) Technical Analysis Report for Aug 04, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, KR ended Tuesday at 35.39 gaining $0.29 (0.83%), slightly outperforming the S&P 500 (0.36%). Today's close at 35.39 marks the highest recorded closing price since December 20, 2016. Trading up to $0.30 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (KR as at Aug 04, 2020):
Tuesday's trading range has been $0.53 (1.5%), that's below the last trading month's daily average range of $0.70. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KR.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 36.84, upside momentum could speed up should the market be able to break out to new highs for the year. Further buying might move prices higher should the market test July's close-by high at 35.58.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Kroger. Out of 419 times, KR closed higher 53.46% 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 51.79% with an average market move of 0.06%.