KKR unable to break through key resistance level
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for Mar 21, 2019 | by Techniquant Editorial Team
KKR finished Thursday at 24.52 gaining $0.44 (1.83%), outperforming the S&P 500 (1.09%). Today's close at 24.52 marks the highest recorded closing price since November 7, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 24.20, the market confirmed its breakout through the prior session high after trading up to $0.50 above it intraday.
Daily Candlestick Chart (KKR as at Mar 21, 2019):
Thursday's trading range has been $0.80 (3.34%), that's far above the last trading month's daily average range of $0.54. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KKR.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
The stock managed to close back above the 200-day moving average at 24.13. Unable to break through the key technical resistance level at 24.62 (R1), the share closed below it after spiking up to 24.70 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 March 13th, KKR actually gained 1.34% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for KKR & Co.. Out of 39 times, KKR closed higher 51.28% 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 64.10% with an average market move of 0.30%.