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Major Support Tagged: Kroger (KR) Strong Buy While Average Investors Panic! Read This...
Posted by Gareth Soloway Friday, June 16, 2017, 01:07PM ET
Read 671 times
Shares of Kroger Co (NYSE:KR) took a beating for the second day in a row. After warning on earnings yesterday, Amazon (AMZN) bought Whole Foods (WFM) today. All grocery plays fell off a cliff on fear that margins would be pressured. The panic was palpable and that is exactly what investors want to see to find great buys! Kroger Co hit major support at $21.50 and became a strong buy.
If logic takes control, investors will realize that even though Amazon is buying Whole Foods, they will not kill margins overnight. They need to integrate, change... etc. It will take years. They may not even be able to do much in the long-run to disrupt the grocery industry. In addition, it will likely force Kroger and other grocery players to adapt and become stronger. Valuation wise, this is a home run for a move back to $25.00 in the near-term. Logic confirms it as does the chart. See below...
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