Kroger (KR) has moved into an uptrend on the daily chart, forming a higher trough followed by a higher peak. Upside momentum is improving, confirmed by a break of the downsloping trendline, while the RSI has risen above 50 — a positive sign for near-term strength.
The longer RSI holds above 50, the greater the likelihood of continued price appreciation. One area that appears lacking, however, is volume, with the OBV not yet showing a corresponding pickup in accumulation.
Nevertheless, the EMAs are aligned in a bullish formation, and if they begin to develop angle and separation alongside a firm RSI, KR’s price is likely to show further underlying strength.
The longer RSI holds above 50, the greater the likelihood of continued price appreciation. One area that appears lacking, however, is volume, with the OBV not yet showing a corresponding pickup in accumulation.
Nevertheless, the EMAs are aligned in a bullish formation, and if they begin to develop angle and separation alongside a firm RSI, KR’s price is likely to show further underlying strength.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.