KMI closes below its opening price unable to hold early session gains
Kinder Morgan Inc. (KMI) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KMI finished the week -2.84% lower at 20.53 after edging higher $0.01 (0.05%) today on low volume, slightly outperforming the S&P 500 (-0.16%). Trading $0.09 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (KMI as at Jun 14, 2019):
Friday's trading range has been $0.24 (1.16%), that's below the last trading month's daily average range of $0.34. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KMI. Prices continued to consolidate within a tight trading range between 20.31 and 20.70 where it has been caught now for the last three trading days.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on March 1st, KMI actually gained 0.56% on the following trading day.
Prices are trading close to the key technical support level at 20.31 (S1). Prices are trading close to the key technical resistance level at 20.57 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 20.31 where further sell stops could get triggered.