KIM closes lower for the 2nd day in a row
Kimco Realty Corporation (KIM) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, KIM finished the month -13.16% lower at 11.15 after losing $0.08 (-0.71%) today on high volume, notably underperforming the S&P 500 (0.77%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (KIM as at Jul 31, 2020):
Friday's trading range has been $0.39 (3.47%), that's below the last trading month's daily average range of $0.47. 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.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
After trading down to 10.84 earlier during the day, the share bounced off the key technical support level at 10.96 (S1). The failure to close below the support might increase that levels importance as support going forward. The stock found buyers again today around 10.84 for the third trading day in a row after having found demand at 10.82 in the previous session and at 10.83 two days ago. The last time this happened on July 13th, KIM actually lost -2.54% on the following trading day.
Kimco Realty shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 11.45 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 10.82 where further sell stops might get activated.
Among the seven 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 448 times, KIM closed higher 60.27% 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 56.47% with an average market move of 0.76%.