KIM closes below its opening price unable to hold early session gains
Kimco Realty Corporation (KIM) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
KIM finished the week 2.18% higher at 18.73 after flat today, slightly outperforming the S&P 500 (-0.16%). Trading $0.13 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (KIM as at Jun 14, 2019):
Friday's trading range has been $0.20 (1.07%), that's far below the last trading month's daily average range of $0.32. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for KIM.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Shooting Star which are both known as bearish patterns. The last time a Shooting Star showed up on February 20, 2018, KIM lost -3.74% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Kimco Realty. Out of 209 times, KIM closed higher 51.20% 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 seven trading days, showing a win rate of 54.07% with an average market move of -0.04%.