KKR closes above its opening price after recovering from early selling pressure
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
KKR finished the week 8.53% higher at 26.84 after gaining $0.29 (1.09%) today on low volume, outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Trading up to $0.40 lower after the open, KKR & Co. managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 26.82, the market confirmed its breakout through the prior session high after trading up to $0.13 above it intraday.
Daily Candlestick Chart (KKR as at May 22, 2020):
Friday's trading range has been $0.70 (2.63%), that's below the last trading month's daily average range of $0.91. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for KKR.
The stock found buyers again today around 26.25 for the third trading day in a row after having found demand at 26.25 in the previous session and at 26.32 two days ago. The last time this happened on March 31st, KKR actually lost -6.60% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 27.37 where further buy stops could get activated. As prices are trading close to May's high at 27.37, upside momentum might speed up should the share mark new highs for the month.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior two Lows" stand out. Its common bullish interpretation has been confirmed for KKR & Co.. Out of 120 times, KKR closed higher 60.00% 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 57.50% with an average market move of 0.53%.