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Kroger Price Forecast: Can KR Stock Break Above Range Or Below?

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KR stock has been consolidating from September last year before the beginning of 2023, and is trapped in a range between $41 and $52. 

Kroger Co. (KR) is a global food retailer with over 2,700 stores in 35 states in the District of Columbia. It also provides online shopping, delivery, pharmacy, fuel, and jewelry. The company will report its earnings and revenue for the period ending October 2023 on December 7th, 2023. 

The expected earnings and revenue are $0.90 and $33.909 Billion, respectively. Kroger has more debt than equity, with a debt-to-equity ratio of 120.6%. Its debt is $12.79 billion and its equity is $10.60 billion, out of its total assets of $50.20 billion and total liabilities of $39.60 billion.

KR stock price was at $45.43 with an intraday decrease of 3.22%. Moreover, the intraday trading volume of KR is 6.648 Million higher than the 10-day aggregate volume of 5.176 Million.

Based on recent data, the company paid a dividend of amount $0.29, which has having Ex-date of August 14 2023 and a payment date is September 1st, 2023.

Technical Analysis of KR Stock Price in 1-D Timeframe

The price action shows that Kroger Co. (NYSE: KR) stock price was in a swift uptrend from June 14th, 2023 it took trendline support around $45, increasing by 15%, and reached a high of around $50 on August 7th by creating higher peaks and lows and breaking the structure continuously and following the trendline support effectively. 

After reaching a high, the KR stock declined as resistance was high and is in a downtrend after breaking trendline support around the Fibonacci 23.60% level for the last two weeks by making lower lows and highs. 

At the time of publication, the KR stock’s current price is trading at around $45.43. It tried to sustain at the Fibonacci levels around $47 to $44 but failed, facing resistance and showing weakness on the chart. The probability is that Kroger Co. (NYSE: KR) stock might decline more as buyers have no clear control barely holding the KR price and may drop back to the demand zone around $42. 

If it stays unmitigated, the price might retract or if it’s mitigated, then it may break the demand zone consume liquidity below the demand zone, and make new lower lows and highs. A series of structure breaks indicate high selling pressure.

If Kroger cannot hold the current level, the KR price may keep falling and reach the closest support levels at $45.41 and $42.76.

On the contrary, if the stock price stays at the current level or rises, it may hit the nearest resistance levels of $50.30 and $51.82.

At the time of publishing, Kroger Co. (NYSE: KR) is trading below the major 20 and 50-day exponential moving averages (EMA), which is supporting the KR price trend. RSI is at 39 in bearish territory and MACD shows a bearish crossover. Collectively indicators highlight bearish outlooks on the daily charts.

Kroger Price Forecast: Can KR Stock Break Above Range Or Below?
Source: KR.1D.NYSE by TradingView

Summary

Kroger Co. (NYSE: KR) indicates that the traders and investors of the stock price are negative and bearish on the 1-D time frame. The price action shows negativity and bearishness at the time of publishing. The technical analysis tools of Kroger stock price also support bearishness. The EMA, RSI, and MACD highlight downward signals in Kroger stock price.

Technical Levels

  • Support levels: $45.41 and $42.76
  • Resistance levels: $50.30 and $51.82
Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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