KIM closes higher for the 2nd day in a row
Kimco Realty Corporation (KIM) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KIM finished the week -1.83% lower at 19.26 after gaining $0.33 (1.74%) today, strongly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing above Thursday's high at 19.09, the stock confirmed its breakout through the previous session high after trading up to $0.23 above it intraday.
Daily Candlestick Chart (KIM as at Feb 14, 2020):
Friday's trading range has been $0.46 (2.42%), that's slightly above the last trading month's daily average range of $0.39. Weekly volatility is also higher, being way above 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 White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Buyers managed to take out the key technical resistance level at 19.14 (now S1), which is likely to act as support going forward. The last time this happened on February 5th, KIM actually lost -0.25% on the following trading day.
While Kimco Realty is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Kimco Realty. Out of 241 times, KIM closed higher 55.60% 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 54.36% with an average market move of 0.73%.