KRC closes within prior day's range after lackluster session
Kilroy Realty Corporation (KRC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
KRC finished Wednesday at 57.18 losing $0.32 (-0.56%), slightly underperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (KRC as at Sep 16, 2020):
Wednesday's trading range has been $0.90 (1.56%), that's far below the last trading month's daily average range of $1.44. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KRC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Bearish Short Candle showed up on September 11th, KRC actually gained 2.36% on the following trading day.
The stock closed back below the 20-day moving average at 57.42.
While 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.
Buying might accelerate should prices move above the close-by swing high at 58.35 where further buy stops could get activated. Trading close to July's low at 54.86 we might see further downside momentum if potential sell stops at the level get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 20" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Kilroy Realty. Out of 149 times, KRC closed higher 57.72% of the time on the next trading day after the market condition occurred.