KKR pushes through Wednesday's high
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, KKR finished Thursday at 25.60 gaining $1.60 (6.67%), slightly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 25.14, the stock confirmed its breakout through the prior session high after trading up to $1.23 above it intraday.
Daily Candlestick Chart (KKR as at Mar 26, 2020):
Thursday's trading range has been $2.31 (9.53%), that's slightly above the last trading month's daily average range of $2.30. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for KKR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, KKR gained 9.89% on the following trading day.
KKR & Co. managed to close above the 20-day moving average at 24.28 for the first time since February 21st. Unable to break through the key technical resistance level at 25.67 (R1), the market closed below it after spiking up to 26.37 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
Though the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for KKR & Co.. Out of 151 times, KKR closed higher 57.62% 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 58.28% with an average market move of 0.78%.