Ever since Kraft Heinz ($KHC) gapped down almost 30% back in February, I have been waiting for the stock to stabilize and possibly rebound. I may be getting my wishes now since it seems very evident that Kraft Heinz is very close to a breakout.
If you're not into technical analysis, you may not be aware that $KHC gapped down from $48 to $35 back in February, and that stocks in general love filling gaps in trading charts. My simple technical analysis shows that after gapping down, the stock traded mostly flat for the past 9 months. However, the past few trading days have seen $KHC break through a resistance point at $33.20. If the rise continues, we may see the giant gap from its current levels all the way up to $48+. If that happens, we're looking at a potential profit of 27% from current levels.
If you're not into technical analysis, you may not be aware that $KHC gapped down from $48 to $35 back in February, and that stocks in general love filling gaps in trading charts. My simple technical analysis shows that after gapping down, the stock traded mostly flat for the past 9 months. However, the past few trading days have seen $KHC break through a resistance point at $33.20. If the rise continues, we may see the giant gap from its current levels all the way up to $48+. If that happens, we're looking at a potential profit of 27% from current levels.
