Kruger vents off overbought saturation - Analysis - 02-12-2022

Economies.com
1 month ago

Kruger's stock (KR) fell in a volatile session amid a violent selloff, even after reporting forecast-beating profits for the third quarter and raising full-year estimates, with the stock sliding 1.59% in the last session, or 78 points, and settling at 48.41, with trading volumes surpassing 10.5 million shares, above 10-day averages of 5.5 million shares. 

 

Technically, the stock is tying to gather momentum to rise anew while also venting off overbought saturation in the RSI with negative signals out of them, while also buoyed by piercing the downward correctional trend line recently in the short term, with positive support from the 50-day SMA.

 

Therefore we expect the stock to return higher, targeting the resistance of 52.00, provided the support of 47.80 holds on.

 

Expected trend for today: Bullish

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