KKR & Co. LP (KKR) was upgraded today by TheStreet.com's quantitative service and I looked at the charts and indicators. KKR has been in an uptrend and has higher price targets on our Point and Figure chart. Sound interesting? Let's check it out.
In this daily bar chart of KKR, below, we can see that prices have made higher highs and higher lows the past 12 months for the simple definition of an uptrend. The 50-day simple moving average line has maintained a positive slope the past year and prices are above this moving average. KKR is also above the rising 200-day line and we can see that the line was tested in early September and again in November and December. These successful tests of the 200-day line show that traders and investors are watching and acting on this indicator.
The On-Balance-Volume (OBV) line has generally moved higher the past year and recently made a new high with the new high price. The trend-following Moving Average Convergence Divergence (MACD) oscillator is clearly in an upward trend and very bullish.
In this weekly bar chart of KKR, below, we can see that prices are above the rising 40-week moving average line. The weekly OBV line shows strong buying and accumulation for the past 18 months. The MACD oscillator on this time frame has been above the zero line since late 2016 and just turned up for a fresh outright go long signal.
In this Point and Figure chart of KKR, below, we can see the recent upside breakout and a longer-term price target of $27.06.
Bottom line: Traders and investors could go long KKR on any shallow dip risking a close below $20 looking for gains to around $27.