KKR closes lower for the 3rd day in a row
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for Jul 24, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, KKR ended the week -0.83% lower at 34.69 after losing $0.36 (-1.03%) today, slightly underperforming the S&P 500 (-0.62%). Closing below Thursday's low at 34.80, the market confirmed its breakout through the previous session low after trading up to $0.27 below it intraday.
Daily Candlestick Chart (KKR as at Jul 24, 2020):
Friday's trading range has been $0.55 (1.57%), that's below the last trading month's daily average range of $0.87. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KKR.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on July 13th, KKR actually gained 0.88% on the following trading day.
Though the stock is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might speed up should prices move above the close-by swing high at 35.67 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 34.37 where further sell stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for KKR & Co.. Out of 150 times, KKR closed higher 54.00% 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 58.67% with an average market move of 0.98%.