KEY breaks back above 50-day moving average
KeyCorp (KEY) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
KEY ended Tuesday at 16.98 gaining $0.32 (1.92%), strongly outperforming the S&P 500 (0.05%). Today's close at 16.98 marks the highest recorded closing price since March 19th. Closing above Monday's high at 16.92, the stock confirmed its breakout through the previous session high after trading up to $0.11 above it intraday.
Daily Candlestick Chart (KEY as at Apr 16, 2019):
Tuesday's trading range has been $0.47 (2.81%), that's slightly above the last trading month's daily average range of $0.41. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KEY.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 50-day moving average at 16.82. When this moving average was crossed above the last time on April 12th, KEY actually lost -1.30% on the following trading day. After having been unable to move lower than 16.61 in the prior session, KeyCorp found buyers again around the same price level today at 16.56.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for KeyCorp. Out of 100 times, KEY closed lower 54.00% of the time on the next trading day after the market condition occurred.