K closes higher for the 2nd day in a row
Kellogg Company (K) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, K finished the week 5.52% higher at 67.71 after gaining $0.57 (0.85%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing above Thursday's high at 67.22, Kellogg confirmed its breakout through the previous session high after trading up to $0.73 above it intraday.
Daily Candlestick Chart (K as at Feb 14, 2020):
Friday's trading range has been $1.04 (1.55%), that's slightly below the last trading month's daily average range of $1.18. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for K. Prices continued to consolidate within a tight trading range between 66.05 and 67.95 where it has been caught now for the last three trading days.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 68.51 (R1).
Although the share is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Kellogg. Out of 328 times, K closed higher 51.22% of the time on the next trading day after the market condition occurred.