KIM still stuck within tight trading range
Kimco Realty Corporation (KIM) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KIM finished the month 15.57% higher at 12.84 after gaining $0.12 (0.94%) today, underperforming the S&P 500 (1.54%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (KIM as at Jun 30, 2020):
Tuesday's trading range has been $0.49 (3.84%), that's far below the last trading month's daily average range of $0.78. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for KIM. Prices continued to consolidate within a tight trading range between 12.19 and 13.14 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Kimco Realty managed to close back above the 100-day moving average at 12.69 for the first time since June 23rd. When this moving average was crossed above the last time on June 23rd, KIM actually lost -1.84% on the following trading day.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the close-by swing high at 13.54 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 12.38 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Kimco Realty. Out of 60 times, KIM closed higher 55.00% 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 58.33% with an average market move of 0.80%.