Kraft Heinz Co Drops After Earnings, Here’s The Trade
Kraft Heinz Co (KHC) is coming under heavy selling pressure after reporting earnings that failed to impress Wall Street. Today, the stock is trading lower by 4.2% to $37.30 a share. Traders and investors should note that the shares have now fallen below the important 200-day moving average. This puts the stock in a weak technical position on the charts. It also signals that the stock will likely have a further downside in the near term.
The next major support level for Kraft Heinz Co (KHC) stock will be around the $35.00 area. This support level is where the stock broke out in February 2021 before making a new 52-week high. Often when stocks retest their prior breakout levels they will be defended by the institutional crowd. This is the level where I would be a buyer of the shares.
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