KIM closes higher for the 2nd day in a row
Kimco Realty Corporation (KIM) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KIM ended the week 1.17% higher at 20.74 after gaining $0.20 (0.97%) today, slightly underperforming the S&P 500 (1.09%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (KIM as at Oct 11, 2019):
Friday's trading range has been $0.36 (1.74%), that's above the last trading month's daily average range of $0.26. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for KIM.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on Monday, KIM lost -0.39% on the following trading day.
Prices are trading close to the key technical resistance level at 20.95 (R1).
Though the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
With prices trading close to this year's high at 20.95, upside momentum might accelerate should Kimco Realty be able to break out to new highs for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Kimco Realty. Out of 274 times, KIM closed higher 51.09% 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 52.92% with an average market move of 0.17%.