KEY misses to close above 20-day moving average
KeyCorp (KEY) Technical Analysis Report for Dec 04, 2019 | by Techniquant Editorial Team
KEY ended Wednesday at 19.09 surging $0.32 (1.7%), strongly outperforming the S&P 500 (0.63%). This is the biggest single-day gain in over a month.
Daily Candlestick Chart (KEY as at Dec 04, 2019):
Wednesday's trading range has been $0.38 (2.01%), that's far above the last trading month's daily average range of $0.25. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for KEY.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 19.18 during the day, the stock found resistance at the 20-day moving average at 19.14.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 19.14. The last time this happened on October 9th, KEY gained 2.38% on the following trading day.
While 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 six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the lower Bollinger Band" stand out. Its common bullish interpretation has been confirmed for KeyCorp. Out of 75 times, KEY closed higher 52.00% 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 58.67% with an average market move of 1.24%.