KKR pushes through Friday's high
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for Aug 03, 2020 | by Techniquant Editorial Team
KKR ended Monday at 35.80 gaining $0.43 (1.22%), slightly outperforming the S&P 500 (0.72%) ahead of Tuesday's earnings report. Trading up to $0.54 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on July 22nd, KKR actually lost -1.46% on the following trading day. Closing above Friday's high at 35.67, the market confirmed its breakout through the previous session high after trading up to $0.16 above it intraday.
Daily Candlestick Chart (KKR as at Aug 03, 2020):
KKR is set to report earnings before tomorrow's market open. For the upcoming report, analysts expect the company to have earned $0.36 per share. The company's last earnings report was released on May 6, 2020, when KKR & Co. Inc. Class A reported earnings of $0.42 per share hitting market expectations.
Monday's trading range has been $1.01 (2.86%), that's above the last trading month's daily average range of $0.76. 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. Prices continued to consolidate within a tight trading range between 34.82 and 35.98 where it has been caught now for the whole last trading week.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Last Engulfing Top Pattern.
After trading down to 34.82 earlier during the day, the stock bounced off the key technical support level at 35.24 (S1). The failure to close below the support might increase that levels significance as support going forward. After having been unable to move lower than 34.85 in the prior session, KKR & Co. found buyers again around the same price level today at 34.82.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 35.98 where further buy stops might get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for KKR & Co.. Out of 71 times, KKR closed higher 57.75% of the time on the next trading day after the market condition occurred.