KIM closes within previous day's range
Kimco Realty Corporation (KIM) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, KIM finished Wednesday at 13.06 gaining $0.09 (0.69%), significantly outperforming the S&P 500 (-0.46%). Today's close at 13.06 marks the highest recorded closing price since June 18th. Trading up to $0.20 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 prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (KIM as at Sep 16, 2020):
Wednesday's trading range has been $0.38 (2.92%), that's slightly below the last trading month's daily average range of $0.44. Things look different on the weekly timeframe, where the market's trading range of the last week has been 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 Tweezer Top which are both known as bullish patterns.
Prices are trading close to the key technical support level at 12.76 (S1). After having been unable to move above 13.18 in the prior session, Kimco Realty ran into sellers again around the same price level today, failing to move higher than 13.18. The last time this happened on September 10th, KIM lost -3.87% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 12.09.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to July's high at 13.46 we could see further upside momentum if potential buy stops at the level get activated.
Among the six 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 57.92% 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 52.94% with an average market move of 0.22%.