KMI closes higher for the 3rd day in a row
Kinder Morgan Inc. (KMI) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, KMI ended Thursday at 14.48 gaining $0.75 (5.46%), underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (KMI as at Mar 26, 2020):
Thursday's trading range has been $1.09 (7.82%), that's slightly below the last trading month's daily average range of $1.36. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for KMI.
Prices are trading close to the key technical resistance level at 14.95 (R1). After having been unable to move above 14.75 in the previous session, Kinder Morgan ran into sellers again around the same price level today, missing to move higher than 14.85. The last time this happened on Monday, KMI actually gained 16.77% on the following trading day.
Although the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Its common bearish interpretation has been confirmed for Kinder Morgan. Out of 508 times, KMI closed lower 52.36% of the time on the next trading day after the market condition occurred.