KSS slides to lowest close since June 26th
Kohl's Corporation (KSS) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, KSS finished the month -8.33% lower at 19.04 after losing $0.32 (-1.65%) today, strongly underperforming the S&P 500 (0.77%). Today's close at 19.04 marks the lowest recorded closing price since June 26th. Closing below Thursday's low at 19.11, the share confirmed its breakout through the previous session low after trading up to $0.44 below it intraday.
Daily Candlestick Chart (KSS as at Jul 31, 2020):
Friday's trading range has been $0.90 (4.65%), that's far below the last trading month's daily average range of $1.18. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KSS.
Prices are trading close to the key technical support level at 18.58 (S1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Kohl's. Out of 440 times, KSS closed higher 54.55% 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 10 trading days, showing a win rate of 56.36% with an average market move of 0.68%.