KIM breaks below Thursday's low
Kimco Realty Corporation (KIM) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, KIM ended the week -6.74% lower at 14.81 after losing $0.19 (-1.27%) today on high volume, strongly underperforming the S&P 500 (1.42%). Today's close at 14.81 marks the lowest recorded closing price since May 21st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 15.00, Kimco Realty confirmed its breakout through the previous session low after trading up to $0.22 below it intraday.
Daily Candlestick Chart (KIM as at Oct 12, 2018):
Friday's trading range has been $0.44 (2.91%), that's above the last trading month's daily average range of $0.35. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for KIM.
One bearish candlestick pattern matches today's price action, the Black Candle.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back up towards the center of the Bollinger Bands at 16.20.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Lower Closes" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Kimco Realty. Out of 67 times, KIM closed higher 59.70% 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 four trading days, showing a win rate of 53.73% with an average market move of 0.19%.