Don't Ignore This Chart!

Kroger Follows Through on Engulfing Pattern

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Stocks were hit hard on Friday and again early Monday, but Kroger (KR) bucked the selling pressure with a bullish engulfing on Friday and further gains early Monday. Even though the overall trend for KR remains down, a double bottom could be forming as the stock gets its second bounce in the 34 area. The intermittent highs mark resistance at 37 and a close above this level is needed to confirm the double bottom. KR came to my attention because its SCTR surged over the last two days. This is because stocks tanked and KR bucked the selling pressure. KR is part of the consumer staples sector and represents a defensive play. 

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--Arthur Hill CMT

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Announcement from the Author

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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