KMI closes above its opening price after recovering from early selling pressure
Kinder Morgan Inc. (KMI) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
KMI ended the week 3.84% higher at 15.41 after edging higher $0.05 (0.33%) today on low volume, slightly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Trading up to $0.26 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Wednesday, KMI actually lost -1.85% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (KMI as at May 22, 2020):
Friday's trading range has been $0.48 (3.15%), that's slightly above the last trading month's daily average range of $0.46. 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 KMI.
After trading as low as 14.96 during the day, the share found support at the 20-day moving average at 15.12.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 15.68 where further buy stops could get activated. Further buying might move prices higher should the market test April's close-by high at 15.95.
Among the six 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 Kinder Morgan. Out of 443 times, KMI closed higher 52.14% of the time on the next trading day after the market condition occurred.