KKR pops to highest close ever
KKR & Co. Inc. Class A (KKR) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, KKR finished Wednesday at 36.31 edging higher $0.08 (0.22%), slightly underperforming the S&P 500 (0.64%). Today's close at 36.31 marks the highest recorded closing price ever. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (KKR as at Aug 05, 2020):
Wednesday's trading range has been $0.84 (2.28%), that's slightly above the last trading month's daily average range of $0.77. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for KKR.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on July 24th, KKR actually gained 1.47% on the following trading day.
After having been unable to move above 36.90 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 36.83.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 35.20.
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 close-by swing high at 36.90 where further buy stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Its common bearish interpretation has been confirmed for KKR & Co.. Out of 93 times, KKR closed lower 52.69% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after three trading days, showing a win rate of 59.14% with an average market move of -0.14%.