KMI dominated by bulls lifting the market higher throughout the day
Kinder Morgan Inc. (KMI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KMI finished the month -3.99% lower at 15.17 after gaining $0.51 (3.48%) today, notably outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 14.79, Kinder Morgan confirmed its breakout through the previous session high after trading up to $0.44 above it intraday.
Daily Candlestick Chart (KMI as at Jun 30, 2020):
Tuesday's trading range has been $0.73 (5.02%), that's above the last trading month's daily average range of $0.55. Things look different on the weekly timeframe, where the market's trading range of the last week has been below 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 14.37 and 15.28 where it has been caught now for the whole last trading week.
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.
Buyers managed to take out the key technical resistance level at 14.85 (now S1), which is likely to act as support going forward. After having been unable to move lower than 14.47 in the prior session, the stock found buyers again around the same price level today at 14.50. The last time this happened on June 25th, KMI actually lost -3.28% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Further selling might move prices lower should the market test May's close-by low at 14.16.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Kinder Morgan. Out of 265 times, KMI closed higher 53.58% 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 four trading days, showing a win rate of 53.21% with an average market move of 0.07%.