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March 07, 2023
- KKR & Co. target's is $56.55; currently at $57.08
- The lower Bollinger Band® is currently at $299.94 while the higher band is at $317.13
Yesterday's price action generated a Japanese candlestick pattern showing W. R. Berkley Corp has formed a "Bearish Engulfing” pattern. Trend analysis indicates that $67.37 marks the crossover point where WR Berkley price action falls below its 21 day Simple Moving Average. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $65.42, a low enough level to, generally, suggest that WR Berkley is trading below its fair value. A study of WR Berkley's chart reveals various key levels to watch: WR Berkley could begin to recover as it approaches significant support, now 53 cents away from $66.41. Dipping below could be an indication that further losses are ahead.
Overall, while WR Berkley has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Analysis of Berkshire Hathaway's recent price action suggests Berkshire Hathaway's recent run now faces a major challenge as concentrated supply is likely found at $318.7 with price action currently $1.73 away. Trend-focused traders would be interested to note that Berkshire Hathaway's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. Carrying strong bullish sentiment, Berkshire Hathaway surpassed $313.62 as its key Fibonacci resistance hurdle with sights already set on the next Fib level at $320.37. Analysis based on the asset volatility indicates that Berkshire Hathaway's upper Bollinger Band® is at $317.13.
Notwithstanding Berkshire Hathaway's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Concerning technical analysis and more specifically, trend indicators, despite posting gains on yesterday, Moody's slid below its 50 day Simple Moving Average at $300.62 during the last session — an early indicator that a negative trend could be emerging. Moody's is alternating around the $303.75 Fibonacci resistance level. Technical analysis of Moody's's past price action reveals multiple support and resistance levels: Moody's's recent run now faces a major challenge as concentrated supply is likely found at $305.57 with price action currently $2.09 away.
For the time being, Moody's remains flat without a clear direction.
Around $57.06, KKR & Co. can look to establish a new bullish phase beyond its 21 day Simple Moving Average. KKR & Co.'s run now faces a challenge at $56.55, which is only 53 cents away and will be interesting to follow.
Despite muted price action in KKR & Co., chart analysis indicates it is positioned for a bullish run in the short term.
Fundamental indicators – United States Factory Orders beat the -1.8% projections, with -1.6%.
Upcoming fundamentals: tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -308,000 from the preceding figure of 1.17 million.
