KKR pushes through key technical resistance level
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for Jul 29, 2020 | by Techniquant Editorial Team
KKR ended Wednesday at 35.91 gaining $0.95 (2.72%), strongly outperforming the S&P 500 (1.24%). Today's close at 35.91 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 35.28, the stock confirmed its breakout through the previous session high after trading up to $0.69 above it intraday.
Daily Candlestick Chart (KKR as at Jul 29, 2020):
Wednesday's trading range has been $0.82 (2.33%), that's slightly above the last trading month's daily average range of $0.77. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly 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 Monday, KKR actually lost -0.68% on the following trading day.
Buyers managed to take out the key technical resistance level at 35.24 (now S1), which is likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for KKR & Co.. Out of 546 times, KKR closed higher 56.59% 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 56.41% with an average market move of 0.53%.