KIM breaks below key technical support level
Kimco Realty Corporation (KIM) Technical Analysis Report for Jul 24, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, KIM ended the week -7.49% lower at 10.75 after losing $0.34 (-3.07%) today, strongly underperforming the S&P 500 (-0.62%). Today's close at 10.75 marks the lowest recorded closing price since May 19th. Closing below Thursday's low at 11.02, the share confirmed its breakout through the previous session low after trading up to $0.28 below it intraday.
Daily Candlestick Chart (KIM as at Jul 24, 2020):
Friday's trading range has been $0.52 (4.69%), that's slightly above the last trading month's daily average range of $0.47. 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 slightly lower than usual for KIM.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Bullish Hikkake Pattern showed up on July 17th, KIM actually lost -3.18% on the following trading day.
Prices broke below the key technical support level at 10.96 (now R1), which is likely to act as resistance going forward.
Kimco Realty shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Kimco Realty. Out of 298 times, KIM closed higher 53.69% of the time on the next trading day after the market condition occurred.