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Albertsons continues gaining market support. Best time to buy?

Albertsons Companies, Inc. (NYSE:ACI) is on a bullish trend that started three weeks ago. The stock, which is in the consumer staples sector, is among those expected to gain this week.

The gains were also linked to the announcement of strategic cooperation with DoorDash. We project that Albertsons will continue into a good year. The projection calls for a growth in revenues from both the response to inflation and a shift in consumer behavior towards essential purchases.

RSI and MACD signal that ACI’s bullish pattern is expected to continue above $36

Source – TradingView

Albertsons broke through a resistance level of $36 but is struggling to keep the price above the level. Nonetheless, this analysis projects that Albertsons will remain bullish in the foreseeable future.

The MACD just crossed above the signal, and the positive divergence is just expanding. The RSI at 63.95 indicates that there is still room for the price to grow before investors can start selling. MA 10 crossed above MA 20, confirming the continuing short-term bullish pattern. Albertsons is a buy.

Summary

Albertsons is a consumer staples stock that is expected to remain strong despite the current threats of inflationary pressure and interest rates.

The company broke through the $36 resistance and is expected to remain bullish in the coming few weeks. Recent strategic cooperation with a food delivery service creates new avenues for revenue growth.

The post Albertsons continues gaining market support. Best time to buy? appeared first on Invezz.

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