KIM unable to break through key resistance level
Kimco Realty Corporation (KIM) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
KIM finished the week 1.96% higher at 17.66 after tanking $0.23 (-1.29%) today on high volume, significantly underperforming the S&P 500 (0.5%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 17.72, Kimco Realty confirmed its breakout through the prior session low after trading up to $0.08 below it intraday.
Daily Candlestick Chart (KIM as at Mar 15, 2019):
Friday's trading range has been $0.37 (2.07%), that's above the last trading month's daily average range of $0.30. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KIM.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. The last time this happened on December 4, 2018, KIM actually gained 5.31% on the following trading day. Even with a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical support level at 17.50 (S1). Unable to break through the key technical resistance level at 17.94 (R1), the stock closed below it after spiking up to 18.01 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Engulfing Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Kimco Realty. Out of 93 times, KIM closed higher 56.99% 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 54.84% with an average market move of 0.31%.