- ELAN fell 78% from the July 2021 highs to the June 2023 lows. ELAN rose above its 19-month downtrend line in June and then moved above the 200DMA in July for the first time in 1 ½ years. The move above the 200DMA was marked by a gap-up day, which confirms ELAN’s new positive direction. Chart 3 shows that the 50DMA is about to move above the 200DMA for the first time in 18 months. The negative move in 2021 signified the start of a serious decline.
RRG analysis shows that ELAN has moved out of the Lagging quadrant, through the Improving quadrant, and into the Leading quadrant. ELAN is a top 20 stock in this week’s TPA-RRG report (RRG below).
- KKR rose above its 18-month downtrend line in June. The zoom chart reveals that the recent move was also above resistance at the 58 level. KKR has also established a pattern of higher lows=uptrend and is at uptrend support. The weekly chart shows that KKR has also not violated long-term support at the 200 Week MA.
RRG analysis shows that KKR has moved out of the Lagging quadrant, through the Improving quadrant, and into the Leading quadrant. KKR is a top 20 stock in this week’s TPA-RRG report (RRG below).
Jeff Marcus founded Turning Point Analytics (TPA) in 2009 after 25 years on trading desks and 13 years as a head trader to provide strategic and technical research to institutional clients. Turning Point Analytics (TPA) provides a unique strategy that works as an overlay to clients’ good fundamental analysis. After 10 years of serving only large institutions, TPA now offers its research services to mid and small managers, RIA’s, and wealthy sophisticated individuals looking for a way to increase their returns and outperform their peers.
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