KKR finds buyers at key support level
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for Jul 30, 2020 | by Techniquant Editorial Team
KKR ended Thursday at 35.41 losing $0.50 (-1.39%), significantly underperforming the S&P 500 (-0.38%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (KKR as at Jul 30, 2020):
Thursday's trading range has been $0.47 (1.33%), that's below the last trading month's daily average range of $0.74. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KKR.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
After trading down to 35.23 earlier during the day, KKR & Co. bounced off the key technical support level at 35.24 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on July 22nd, KKR actually lost -1.46% on the following trading day. After having been unable to move lower than 35.15 in the prior session, the share found buyers again around the same price level today at 35.23.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 35.98 where further buy stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for KKR & Co.. Out of 421 times, KKR closed higher 56.29% 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 57.48% with an average market move of 0.47%.