KKR closes higher for the 2nd day in a row
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KKR finished the week 0.66% higher at 33.54 after edging higher $0.03 (0.09%) today on low volume, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (KKR as at Feb 14, 2020):
Friday's trading range has been $0.34 (1.01%), that's far below the last trading month's daily average range of $0.82. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for KKR.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Bearish Short Candle showed up on December 6, 2019, KKR lost -0.48% on the following trading day.
Prices are trading close to the key technical support level at 33.20 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 34.14 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 33.20 where further sell stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for KKR & Co.. Out of 303 times, KKR closed higher 58.09% 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 54.13% with an average market move of 0.46%.