Kroger Pulls BackKroger jumped to a new record high one month ago, and now dip buyers may eye its recent pullback.
The first pattern on today’s chart is the April high of $58.34. The grocery chain tested $0.01 below it last week before stabilizing. Has old resistance become new support?
Second, the recent trough continued a series of higher weekly lows running all the way back to September.
Speaking of September, that’s when KR’s 50-day simple moving average (SMA) crossed above its 100-day SMA. Both are rising and above the 200-day SMA. That configuration could indicate a new uptrend has taken shape.
Finally, stochastics are turning up from an oversold condition.
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