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- 1 Kroger Stock price attempting to break out of the YTD high.
- 2 Kroger stock price forming a double bottom pattern.
- 3 KR stock price sustains above 200 day EMA and displayed a golden crossover.
Kroger Stock Price gained 10% approx on the YTD basis and formed a double-bottom bullish reversal pattern. KR stock price is rising upward by forming higher high swings and attempting to break out of the $50.00 hurdle level. However, the confirmation of the breakout is still awaited. Kroger’s stock price sustaining above the 200-day EMA showcase positional trend is in the upward direction.
Kroger Co (NYSE: KR) released its quarterly earnings on March 2, 2023. The company reported an EPS of $0.99 and beat the estimate by 9.41%. It reported revenue of $34.823 Billion but missed the estimates by 0.58%.
KR stock reacted positively after earnings and prices gained momentum. It triggered the positive sentiment and prices began to rise upward. Meanwhile, it also displayed a golden crossover which boosted the confidence of investors.
KR stock price tried multiple times to break out of the $50.00 hurdle but got rejected. It indicates strong sellers are active and it will be difficult for the bulls to break the range. The stock price seems to be consolidating into the wide range between $41.00 to $52.00 and buyers are trying to expand upside. If the prices continue to consolidate for some more time then it can be interpreted as a longer-term base formation.
Will Kroger’s stock price break the $50.00 hurdle
Kroger’s Stock Price has performed well in the past month and buyers seem to be more active as compared to sellers. If the buyers succeed to break the $50.00 hurdle and sustain on higher levels then prices might begin the next phase of the rally. However, if the price faces rejection and reverses south then $46.00 will act as immediate support for the bulls.
The broader index Dow Jones, Nasdaq, and S&P 500 is also at a crucial breakout level and trading with a bullish bias. Therefore, if the overall market remains bullish then it might positively impact the price of KR stock.
The technical analysis suggests Kroger’s stock price is in bull’s grip, and till the price sustains above both the EMAs the possibility of upward expansion is high.
KR stock price: Technical Outlook
KR Stock price formed a bullish hammer candle on the weekly timeframe. It shows buyers are active and trying to dominate on the higher levels. The chart structure of the Kroger stock will pick up momentum only after the $50.00 breakout. Till then prices are expected to remain in consolidation.
The technical analysis indicators like MACD have generated a positive crossover indicating bullish momentum to continue for some more time. The RSI at 58 rising upwards denotes the strength of bulls and more room for upside is open.
Conclusion
Kroger’s Stock price performed well in the past few months and gained 10% approx on a YTD basis. KR stock price displayed a golden crossover and tried to break out of the $50.00 hurdle. The technical analysis suggests Kroger’s stock price is in a bull’s grip. Till it sustains above both the EMA the possibility of breakout is high.
Technical levels
Resistance levels: $52.00 and $62.00
Support levels: $45.00 and $41.00
Disclaimer
The views and opinions stated by the author, or any people named in this article about Kroger’s Stock Price, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
