KIM rises to highest close since March 13th
Kimco Realty Corporation (KIM) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, KIM finished the week 23.83% higher at 11.33 after edging higher $0.07 (0.62%) today, slightly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 11.33 marks the highest recorded closing price since March 13th. Trading up to $0.18 lower after the open, Kimco Realty managed to reverse during the session as bulls took control ending the day above 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 May 22, 2020):
Friday's trading range has been $0.33 (2.93%), that's far below the last trading month's daily average range of $0.65. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KIM.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After having been unable to move above 11.36 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 11.41. The last time this happened on May 15th, KIM actually gained 13.77% on the following trading day.
Although the market 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 four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Kimco Realty. Out of 219 times, KIM closed higher 57.53% 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 53.88% with an average market move of 0.14%.