Kroger Company (NYSE: KR) has recently reported quarterly results on Friday, 8 September 2023. The price chart illustrates that the KR stock price has shown volatility and is unable to find a direction even after the disclosure of the quarterly results. Moreover, the price seemed to take support from a lower trendline support.
The price trend has delivered a sideways and volatile trend for the last 3 quarters. The daily chart shows that the price peaked in April 2022 after hitting a high of $62.78. Thereafter, the price slid below the key moving averages and declined after shifting the overall trend to bearish.
Currently, the bulls and bears are in a tough fight to dominate the overall trend thus, forming a symmetrical triangle pattern. The fight for dominance is contracting the range of trading from both sides. The fight may seem to end soon when either side dominates and it shows a directional move.
Kroger stock price was at $46.54 and gained 0.47% of its market capitalization during Monday’s trading session. The stock took support from the lower trendline of the symmetrical triangle pattern and tried to surge higher.
Kroger stock option-chain analysis states that the current implied volatility in the market is 17.41% with a decrement of 0.30% in the last trading session. The at-the-money strike price has 307 open contracts on the put side and 255 open contracts on the call side indicating the bulls are slightly dominating at the CMP.
KR Stock Price Forms Symmetrical Triangle Pattern
The Kroger stock price currently trades at $46.54 and is gaining support from the lower trendline of the symmetrical triangle pattern.
The price trend may remain indecisive and volatile until it maintains itself in the triangle. The breakout or breakdown of the triangle may trigger an imbalance and the price may show directional movement on either side.
Oscillating Indicators Show Volatility and Sideways Trend
The daily KR stock price chart shows frequent crossovers of the price with 200 and 50-day EMA. The oscillating indicators RSI and MACD are signaling a sideways consolidation trend.
The overall technical opinion rating is signaling a 40% “sell” with a weakening short-term outlook on maintaining the current direction.
Conclusion
Kroger stock price has been trading sideways and has been volatile for the last three quarters, forming a symmetrical triangle pattern on the daily chart. The price has bounced from the lower trendline support and is currently at $46.54. The price trend is unclear until it breaks out or breaks down from the triangle. The quarterly results did not have a significant impact on the price direction. The stock has lost its bullish momentum since April 2022 and slid below the key moving averages.
Technical Levels
Support levels: $34.01 and $33.35
Resistance levels: $35.53 and $36.39
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/19/kroger-stock-nyse-kr-preparing-for-a-blast-analysts-says/