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5/3/99 Kroger Co (KR)
Points to watch: After hitting an all time high in March, Kroger has reversed to the down side. The stock has fallen below key support levels in recent days. Kroger has fallen below its 200 day moving average (54.99) for the first time since late 1997 and below Gann angle resistance (56.81) which had acted as support on numerous occasions since October 1997. Long and short term technical indicators have turned negative. Weekly MACD gave a sell signal on 3/26 and daily MACD gave a sell signal on 4/5. Daily OBV turned down on 3/18 and weekly OBV turned down on 4/8. Both daily and weekly RSI and stochastics are in downtrends. Intraday Friday the stock tested and held support at 53.88 (the 38% retracement of its 9/97-3/99 rally). Additional downside support exists at 52.38 (the November and December lows). A sell signal would be generated with a move below the 52.38-53.88 support area.
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