KKR closes higher for the 2nd day in a row
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for Aug 04, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KKR finished Tuesday at 36.23 gaining $0.43 (1.2%), outperforming the S&P 500 (0.36%) following today's earnings report. Today's close at 36.23 marks the highest recorded closing price ever. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (KKR as at Aug 04, 2020):
KKR reported earnings of $0.39 per share before today's market open. With analysts having expected an EPS of $0.36, KKR & Co. Inc. Class A topped market expectations by 8.3%. 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.
Tuesday's trading range has been $1.42 (3.88%), that's far above the last trading month's daily average range of $0.80. 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 lower than usual for KKR.
Crossing above the upper Bollinger Band for the first time since July 10th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 35.08 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on July 8th, KKR gained 2.51% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for KKR & Co.. Out of 316 times, KKR closed higher 58.54% 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 55.70% with an average market move of 0.59%.