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Our custom multiple-time-frame annotated charts deliver insights into directional bias, timing, and key price levels by utilizing our unique askSlim methodology that combines cycle analysis, momentum/trend studies, and swing high/swing low techniques.
This chart analysis of Kroger (KR) has been done per a request from one of our Level 4+ premium members. The information in this article is current as of 7/6/22.
In all but one of the recent intermediate-term cycles for KR, we have seen a bullish configuration, meaning the cycle completed at a higher point than where it began.
The current intermediate-term cycle began with steep upward movement, which marked a new high right around the 161.8 Fibonacci extension level . The level was not broken, and the move was followed by a sharp downturn. This instance of the cycle peaking prematurely created a left-hand translation for the current intermediate-term cycle.
After the early peak in the current intermediate-term cycle, we saw a dark cloud cover candlestick pattern as well as a downturn in the Reversal Scout momentum indicator occur. Both of these are bearish signals.
Presently, KR has continued the projected downward movement, with a couple short rallies that could not break through resistance. In recent weeks the 78.6 fib level was broken to the downside, furthering the bearish price action that we project to continue until the end of the cycle.
Some key weekly data points to watch:
– KR is in the declining phase of its current intermediate-term weekly cycle
– The next Int. cycle low for KR is projected to be between 7/18-8/26 and a daily cycle low projected due between 8/3-8/11.
– The short-term resistance zone on the daily chart currently runs from 49.75-52.00
– The negative cycle structure suggests a Negative/Downside Bias (likely lower lows or failed rally attempts)
– The next key support levels include cycle low support 43.14
– A close above 52.10 would require a reevaluation of the negative short-term bias and downside projections.
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