Kroger Stocks Its Shelves in a Trading Range

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Kroger Stocks Its Shelves in a Trading Range

The Kroger Co. (KR) publishes results before the market opens on Thursday, March 8, with the stock trading above a “golden cross” since Jan. 11, when it closed at $28.08. The stock is trading between my $26.69 monthly value level and my $29.69 weekly risky level. Kroger shares finished at $28.01 on Tuesday, March 6, up 2% year to date and 10.9% off the Jan. 30 high of $31.45. Kroger went as low as $26.63 on February 9 and is now 5.2% higher than this corrective low.

Analysts anticipate that Kroger will announce earnings per share of 63 cents on Thursday. The stock rose in response to its prior earnings announcement on November 30, resulting in a price gap over its 200-day simple moving average. According to Zacks Equity Research, if the food retailer outperforms forecasts this quarter, it would extend its winning run to six straight sales beats and two consecutive quarters of positive profit surprises. The key will be direction on Kroger’s plan to shift its attention to internet shopping. (Also see: What the Alibaba-Kroger Alliance Could Mean for Amazon.)

The daily chart for Kroger

Courtesy of MetaStock Xenith

Since Jan. 11, when the stock closed at $28.08, Kroger has been trading above a “golden cross.” When the 50-day simple moving average climbs above the 200-day simple moving average, it indicates that greater prices are on the way. The stock then rose to its Jan. 30 high of $31.45 before falling to its 2018 low of $26.63, which is barely below my March value objective of $26.69. My weekly dangerous threshold is $29.69, which is below the stock’s 50-day simple moving average of $28.39.

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The weekly chart for Kroger

Courtesy of MetaStock Xenith

If Kroger finishes this week below its five-week modified moving average of $27.89, the weekly chart will be bearish. The stock is trading lower than its 200-week simple moving average of $31.62, indicating a “reversion to the mean.” The weekly slow stochastic reading of 12 x 3 x 3 is expected to close this week at 49.80, down from 60.69 on March 2.

Given these charts and analysis, investors should purchase Kroger shares on dips to my monthly value level of $26.69 and sell on rises to my weekly hazardous level of $29.69.

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