Leading supermarket operator, Kroger Co (KR), has been under selling pressure. The stock topped out on September 9th, 2020 at $37.22 a share. Since that high pivot, the shares have been declining after its earnings report on September 11th. Traders and investors should note that the stock has now fallen below it’s important 50 and 100-day moving averages. This puts the stock in a weak technical position on the charts and often indicates lower share prices ahead.
There are a few support levels coming up for Kroger Co (KR) stock in the near term. They are the 200-day moving average at $31.61 and then the 50-week moving average at $30.68. The stock must be watched closely around these support levels, but there is a good chance it could go even lower. One trade level that has caught my eye is the $30.00 support area. This level is where the stock pivoted back on April 9th, 2020 and broke out to new all time highs. In my opinion, this level would be the best risk/reward trade setup for KR stock to the long side. I’ll be watching this chart closely as it trades down into these key support levels.
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