Stock Chart Analysis KIM
Kimco Realty Corporation(Public, NYSE:KIM)
I just posted a chart to chart.ly on a cup and handle forming on Vornado Realty Trust (NYSE:VNO) and mentioned how some other REIT's are showing similar patterns. Below is a chart for Kimco Realty Corporation (NYSE:KIM) which is also showing a cup and hande base.
It's interesting how the REIT's have been heavily shorted and yet are resisting a breakdown. KIM formed a nice rounding base after a brutal 5 month decline that took it from the $30's to the $6's. More recently, it has been trading sideways, thus building the handle portion of the cup and handle base. The official neckline stands at just about where KIM closed today, so KIM could be just emerging from this base. The measured target of a breakout would take KIM near $17 and its declining 200-day moving average. Definitely worth keeping an eye on.
Good Trading,
Joey
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