KSS unable to break through key resistance level
Kohl's Corporation (KSS) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
KSS finished Wednesday at 23.82 gaining $0.69 (2.98%), strongly outperforming the S&P 500 (-0.46%). Today's close at 23.82 marks the highest recorded closing price since June 16th. Closing above Tuesday's high at 23.48, Kohl's confirmed its breakout through the previous session high after trading up to $1.02 above it intraday.
Daily Candlestick Chart (KSS as at Sep 16, 2020):
Wednesday's trading range has been $1.55 (6.69%), that's far above the last trading month's daily average range of $0.98. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KSS.
Unable to break through the key technical resistance level at 24.14 (R1), the market closed below it after spiking up to 24.50 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on September 10th, KSS lost -2.56% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Kohl's. Out of 475 times, KSS closed higher 51.58% of the time on the next trading day after the market condition occurred.