Kroger powers up - Analysis - 12-09-2022

Kroger Company's stock (KR) surged in the intraday levels after the retail company reported forecast-beating profits and sales in the second quarter, bolstering forecasts for the whole year, as people continue to purchase food as a priority despite inflation, with the stock spiking 7.40%, or 3.58 points, settling 51.94, with trading volumes surpassing 13.8 million shares, above 10-day averages of 6.1 million shares. 

The stock is trading alongside the main upward medium-term trend line, and another line in the short term, while trading above the 50-day SMA, with positive signals from the RSI after reaching oversold levels. 

Therefore we expect more gains for the stock, targeting the first resistance at 53.50, provided it settles above 50.30. 

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Expected trend for today: Bullish