KEY finds buyers at key support level
KeyCorp (KEY) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KEY finished the week 8.75% higher at 18.27 after gaining $0.24 (1.33%) today, notably outperforming the S&P 500 (-0.07%). Today's close at 18.27 marks the highest recorded closing price since July 31st. Trading up to $0.12 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (KEY as at Sep 13, 2019):
Friday's trading range has been $0.36 (1.97%), that's slightly below the last trading month's daily average range of $0.39. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for KEY.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on August 30th, KEY actually lost -2.29% on the following trading day.
After trading down to 18.13 earlier during the day, KeyCorp bounced off the key technical support level at 18.15 (S1). The failure to close below the support could increase that levels significance as support going forward. Prices are trading close to the key technical resistance level at 18.56 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 18.61, upside momentum might speed up should the market be able to break out to new highs for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for KeyCorp. Out of 88 times, KEY closed lower 67.05% of the time on the next trading day after the market condition occurred.