KMI pushes through Tuesday's high
Kinder Morgan Inc. (KMI) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
KMI finished Wednesday at 13.35 surging $0.44 (3.41%) on high volume, strongly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on June 8th, KMI actually lost -3.78% on the following trading day. Closing above Tuesday's high at 13.16, the market confirmed its breakout through the prior session high after trading up to $0.33 above it intraday.
Daily Candlestick Chart (KMI as at Sep 16, 2020):
Wednesday's trading range has been $0.53 (4.06%), that's far above 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 below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KMI.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 13.19 (now S1), which is likely to act as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 13.52 where further buy stops could get activated.