WHR breaks above 20-day moving average for the first time since June 10th
Whirlpool Corporation (WHR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, WHR finished the month 6.33% higher at 129.53 after gaining $2.38 (1.87%) today, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 127.80, the share confirmed its breakout through the previous session high after trading up to $2.33 above it intraday.
Daily Candlestick Chart (WHR as at Jun 30, 2020):
Tuesday's trading range has been $3.75 (2.97%), that's below the last trading month's daily average range of $5.43. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WHR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, WHR actually lost -1.21% on the following trading day.
The stock managed to close above the 20-day moving average at 128.57 for the first time since June 10th.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Whirlpool. Out of 147 times, WHR closed higher 57.82% 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 57.82% with an average market move of 0.68%.