WHR closes below its opening price unable to hold early session gains
Whirlpool Corporation (WHR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, WHR finished Wednesday at 179.57 gaining $1.20 (0.67%), strongly outperforming the S&P 500 (-0.46%). Trading $2.42 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 10th, WHR actually gained 1.97% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (WHR as at Sep 16, 2020):
Wednesday's trading range has been $3.44 (1.91%), that's slightly below the last trading month's daily average range of $4.20. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WHR.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Shooting Star which are both known as bearish patterns.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 185.96, upside momentum could speed up should the market be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Whirlpool. Out of 52 times, WHR closed higher 57.69% of the time on the next trading day after the market condition occurred.