KKR pushes through Monday's high
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KKR ended the month 11.28% higher at 30.88 after gaining $0.71 (2.35%) today, outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 30.30, the market confirmed its breakout through the prior session high after trading up to $0.78 above it intraday.
Daily Candlestick Chart (KKR as at Jun 30, 2020):
Tuesday's trading range has been $1.06 (3.52%), that's slightly below the last trading month's daily average range of $1.15. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower 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 June 25th, KKR actually lost -5.97% on the following trading day.
KKR & Co. managed to close back above the 20-day moving average at 30.61. Prices are trading close to the key technical resistance level at 31.47 (R1).
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the close-by swing high at 31.59 where further buy stops might get activated.
Among the eight 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 157 times, KKR closed higher 57.32% 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 58.60% with an average market move of 0.93%.