Packaged foods producer Kraft Heinz (KHC) recently returned to the Green Favored Zone of the SIA NASDAQ 100 Index Report for the first time since November of 2016. The shares rose 3 spots yesterday to 16th place and are up 37 spots in the last month.
Over the last year, a recovery in Kraft Heinz (KHC) shares has unfolded in three stages; an initial rally from $20.00 to $35.00 in the spring of 2020, a six-month sideways consolidation phase between $30.00 and $35.00 which ran from August to February, and the current rally phase which started with a breakout over $35.00 last month and was confirmed yesterday with a breakout over $40.00.
A combination of measured moves, previous support/resistance and a round number suggest some initial resistance may emerge near $45.00 and then closer to $50.00. Initial support appears at the 50-day average near $36.00.
Kraft Heinz (KHC) shares continue to build on a recent bullish Spread Triple Top breakout that signaled the start of a new upleg in the upward trend which started a year ago.
Initial upside resistance appears near $47.50 where previous column lows, a horizontal count and a long-term downtrend line converge. A breakout there would confirm the strength of the current recovery trend. Next potential resistance after that appears near the $50.00 round number, then $54.55 based on a vertical count. Initial support appears near $37.45 were a 3-box reversal and a previous column low converge.
With a bullish SMAX score of 8, KHC is exhibiting near-term strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.