KEY climbs to highest close since October 11th
KeyCorp (KEY) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving higher for the 10th day in a row, KEY ended the week 2.5% higher at 18.89 after gaining $0.15 (0.8%) today, significantly outperforming the S&P 500 (-0.92%). Today's close at 18.89 marks the highest recorded closing price since October 11th. Closing above Thursday's high at 18.88, KeyCorp confirmed its breakout through the prior session high after trading up to $0.06 above it intraday.
Daily Candlestick Chart (KEY as at Nov 09, 2018):
Friday's trading range has been $0.25 (1.33%), that's far below the last trading month's daily average range of $0.50. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for KEY.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on October 30th, KEY gained 1.91% on the following trading day.
After having been unable to move above 18.88 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 18.94.
Although the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "10 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for KeyCorp. Out of 1 times, KEY closed higher 100.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 100.00% with an average market move of 2.85%.