Kraft Heinz's dismal year-to-date performance will likely continue after a top shareholder revealed a massive sale of its stock, two technical analysts say.
The worst-performing stock in the S&P 500 for 2019, Kraft Heinz is now down over 34% for the year and nearly 52% off its 52-week high.
And unfortunately for shareholders, things look like they could get even worse, warns longtime technical analyst Mark Newton, president and founder of Newton Advisors. "The only thing that we can say is that momentum has gradually gotten less bad, and that's really not sufficient to call a bottom in a stock that's just continued to move lower," Newton said Tuesday on CNBC's"Unfortunately, the downtrend is very much intact," Newton said. "We have lower lows, lower highs, and in technical analysis, you want to see at least some evidence of that trend being broken before you can take a real stand.
Michael Binger, president of Gradient Investments, had a similarly dismal outlook on the consumer food giant.
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