KIM closes above its opening price after recovering from early selling pressure
Kimco Realty Corporation (KIM) Technical Analysis Report for Jul 30, 2020 | by Techniquant Editorial Team
KIM finished Thursday at 11.23 losing $0.10 (-0.88%), slightly underperforming the S&P 500 (-0.38%). Trading up to $0.25 lower after the open, the stock 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 missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (KIM as at Jul 30, 2020):
Thursday's trading range has been $0.46 (4.16%), that's slightly below the last trading month's daily average range of $0.48. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KIM.
After trading down to 10.82 earlier during the day, Kimco Realty bounced off the key technical support level at 10.96 (S1). The failure to close below the support could increase that levels importance as support going forward. The market closed back below the 100-day moving average at 11.28. After having been unable to move lower than 10.83 in the previous session, the share found buyers again around the same price level today at 10.82. The last time this happened on July 23rd, KIM actually lost -3.07% on the following trading day.
KIM 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 11.45 where further buy stops could get activated.
Among the six 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 447 times, KIM closed higher 60.40% 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 56.60% with an average market move of 0.76%.