KIM closes above its opening price after recovering from early selling pressure
Kimco Realty Corporation (KIM) Technical Analysis Report for Jul 27, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, KIM finished Monday at 10.71 edging lower $0.04 (-0.37%), strongly underperforming the S&P 500 (0.74%). Today's close at 10.71 marks the lowest recorded closing price since May 19th. Trading up to $0.33 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. 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 Jul 27, 2020):
Monday's trading range has been $0.42 (3.93%), that's slightly below 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 above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KIM.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top and the Takuri Line which are both known as bullish patterns. The last time a Takuri Line showed up on July 8th, KIM actually lost -2.55% on the following trading day.
Prices are trading close to the key technical resistance level at 10.96 (R1).
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the five 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 221 times, KIM closed higher 57.47% 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 53.39% with an average market move of 0.21%.