KIM rallies, gaining $0.45 (4.06%) within a single day
Kimco Realty Corporation (KIM) Technical Analysis Report for Aug 04, 2020 | by Techniquant Editorial Team
KIM ended Tuesday at 11.54 surging $0.45 (4.06%), notably outperforming the S&P 500 (0.36%). This is the biggest single-day gain in over two weeks. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 11.18, the share confirmed its breakout through the prior session high after trading up to $0.42 above it intraday.
Daily Candlestick Chart (KIM as at Aug 04, 2020):
Tuesday's trading range has been $0.48 (4.31%), that's slightly above the last trading month's daily average range of $0.45. 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 White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on May 8th, KIM lost -7.43% on the following trading day.
The market managed to close back above the 100-day moving average at 11.18 for the first time since July 29th.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Kimco Realty. Out of 139 times, KIM closed higher 56.83% 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 56.12% with an average market move of 0.48%.