Watching KROGER
This morning's action is quite as usual, slow and not impactful.
KR is moving down and away from the MM short's 61.8% line, 23.07. There were a series of longs last Friday, which culminated in a last MM long, 21.89 drawn up to 22.90 which is being tested as I write this:
AND, it broke, leaving an "All-The-Way-HALFWAY BACK LONG" (which I refer to as, ATWHWB LONG) here:
http://tos.mx/THHOby
What we have here is a "drill down" or a ZOOMED IN look at what may well be the last line in the sand long that must hold or KR will be broken and being shorted.
This long, 20.46 drawn up to 22.99, with a break at 21.43 as shown in PINK, will signal a break and then subsequent short MM's will play out on smaller time frames, as we see here in our 5min chart.
DJ
KR is moving down and away from the MM short's 61.8% line, 23.07. There were a series of longs last Friday, which culminated in a last MM long, 21.89 drawn up to 22.90 which is being tested as I write this:
AND, it broke, leaving an "All-The-Way-HALFWAY BACK LONG" (which I refer to as, ATWHWB LONG) here:
http://tos.mx/THHOby
What we have here is a "drill down" or a ZOOMED IN look at what may well be the last line in the sand long that must hold or KR will be broken and being shorted.
This long, 20.46 drawn up to 22.99, with a break at 21.43 as shown in PINK, will signal a break and then subsequent short MM's will play out on smaller time frames, as we see here in our 5min chart.
DJ
What my chart shows here is that the short MM from the SELLING BAR from last week's Amazon announcement, drawn DOWN from 24.69 to the last swing low, 20.46, is being used as a SELLING RANGE.
ReplyDeleteIf you are LONG KROGER, then we MM traders would consider abandoning longs if 21.43 DOES NOT HOLD or breaks or we see price move lower and subsequently gets sold as price descends further into an abyss.
Because this has been sold off so dramatically, MOST OFTEN, bids come back in, breaking these minor MM shorts and a relief rally sets up...allowing longs a relief to get out.
SO, wait it out and see what happens this week if you are long.
DJ