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Possible Bearish Inside Day Candle Pattern Detected for Kimco Realty (NYSE:KIM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kimco Realty (NYSE:KIM) based on the price action in the company's shares. Today's price range of $18.96 and $19.28 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Kimco Realty may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Kimco Realty Corporation is a real estate investment trust (REIT). The Company owns and operates neighborhood and community shopping centers with locations in multiple states as well as Puerto Rico, Canada, Mexico, Chile, Brazil and Peru. The Company also provides management services for shopping centers owned by affiliated entities and various real estate joint ventures.

Kimco Realty (NYSE:KIM) has potential upside of 44.2% based on a current price of $19.26 and analysts' consensus price target of $27.78. The stock should run into initial resistance at its 200-day moving average (MA) of $26.14 and subsequent resistance at its 50-day MA of $28.15.

Over the past year, Kimco Realty has traded in a range of $17.02 to $32.24 and is now at $19.26, 13% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Kimco Realty on August 16th, 2016 by issuing a Downtrend alert when the shares were trading at $29.98. Since that call, shares of Kimco Realty have fallen 35.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle kimco realty

Ticker(s): KIM