KIM closes above its opening price after recovering from early selling pressure
Kimco Realty Corporation (KIM) Technical Analysis Report for Jul 29, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KIM finished Wednesday at 11.33 gaining $0.21 (1.89%) on high volume, outperforming the S&P 500 (1.24%). Trading up to $0.50 lower after the open, Kimco Realty managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, KIM gained 3.83% on the following trading day. 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 29, 2020):
Wednesday's trading range has been $0.63 (5.57%), that's far above the last trading month's daily average range of $0.49. 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 higher than usual for KIM.
Two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji.
The share managed to close back above the 100-day moving average at 11.32 for the first time since July 15th.
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 nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Kimco Realty. Out of 446 times, KIM closed higher 60.54% 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 56.73% with an average market move of 0.76%.