Shares of Whirlpool Corp (WHR) continue to decline but finally the stock chart has hit major support. The $115 level is a major pivot from 2010 with Whirlpool now almost 50% off its 2018 highs. Swing traders should look for a bounce back to $125-$130 in the coming weeks. This is a classic technical setup for investors.
On a purely technical basis, and relatively short-term at that, WHR has had rather volatile and chaotic price action. None of the classic and more reliable technical structures exist at the moment for WHR, but that does not mean there are no opportunities to play.
Given the current setup, I believe there are 3 potential scenarios:
1. The most bullish, an ...
Whirlpool, a household brand worldwide and throughout US.
But facing cost and foreign competitive pressures, it has a negative impact on WHR's profitability in the years ahead.
Is WHR approaching an end of a long term uptrend in 2018?
Or its the consolidation since 2015 not completed?
From a technical picture, WHR is in the final leg of its uptrend in the form ...
Yesterday I mentioned it could go either way if it breakouts or it turns down to start a head and shoulders pattern. It looks more like a head and shoulders now so look for any ramp ups tomorrow to short into.
WHR at a level that could make it a right shoulder in a head and shoulders pattern. If it breaks through that level, it could break out to test previous highs. We will see which way it goes and trade accordingly.