WHR closes within previous day's range
Whirlpool Corporation (WHR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
WHR finished Thursday at 83.20 edging higher $0.81 (0.98%), significantly underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (WHR as at Mar 26, 2020):
Thursday's trading range has been $7.79 (9.28%), that's slightly below the last trading month's daily average range of $9.47. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for WHR.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on March 19th, WHR lost -9.83% on the following trading day.
Prices are trading close to the key technical resistance level at 88.62 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 88.62 where further buy stops might get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Whirlpool. Out of 715 times, WHR closed higher 52.03% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.73% with an average market move of 0.28%.