Taking Kroger through the express checkout

• Posted by Greg Harmon
• on July 9th, 2015

Kroger ($KR) was a high flying stock through most of 2014 and into the first quarter of 2015. Bu then it saw a pullback as all the grocery stock hit the skids. Since April it has been consolidating and it appears that the time is ripe to load up your shopping cart for another leg higher.

The chart above shows the story. the long run higher along the rising 20 day SMA until it broke down below it in April. The pullback from near 78 to 68 was almost precisely a 38.2% retracement of the leg higher. A good amount to reset indicators and also a show of the strength of the uptrend.

The price action since the the bottom on the pullback in May has been a near perfect ascending triangle. That was until Tuesday when the price peeked over the top of the triangle. Now it is starting higher and carries a target on the pattern break to 81.20 for starters. So there is still time to add it to your cart and check out.

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