KR traded down to as low as 20.58 so far today vs. that support level at 20.53, offering about as objective an entry as it can. Only time will tell if that support level holds but buying pullbacks to support or going long on a break of resistance are idea entries for a long trade.

Awesome info; thanks Randy!!

Regarding an objective stop level for a long taken in K around current levels, I’d calculate it using an R/R of 3:1 or better relative to your preferred price target(s). K also has support on the weekly chart around 61.15 & then again around 57.96, the latter of which is about another 6% lower with the former relatively close. A weekly close below either of those levels makes sense from a technical analysis perspective although that first level might be too close, especially based on the fact that we don’t have a solid buy signal on K here yet so a long would basically be a “catch-a-falling-knife” trade (although I do like it here).

Price targets are easier for me as there is well-defined resistance around 65.15 & then again around 68.65. Those levels are well within the typical bounce back range (assuming that K reverses around current levels), even if it only experiences a bear market rally within a larger bear market with more downside yet to come. If the stock does reverse soon & the rally has legs, a move up to 70.74 or even higher is certainly a possibility. Here’s my daily & weekly chart with those levels (price targets on daily, support on weekly). Note, those targets are the actual resistance levels, best to set your sell limit order(s) slightly below the actual resistance level in case the stock reverses just shy.

Hi Randy, by chance would you have suggestions for stop and T1/T2 prices for K?