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June 26 Chart of the Day - Whirlpool

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

Whirlpool (WHR) is in the headlines today as published reports indicate that German engineering group Robert Bosch has been talking to potential advisers about the possibility of making an offer for Whirlpool.

Whirlpool has a market capitalization of about $4.8 billion, one of the sources said, requesting anonymity as the discussions are confidential.  The sources said it was not certain that an offer would be made and asked not to be identified because the matter is confidential.

Given the speculative nature of this news we wanted to review their chart from a price action technical analysis perspective.

We have featured over 220 Charts of the Day during the past year and teach Price Action Trading for FREE  to traders who join our Highly Rated Trade Room.

Monthly Chart 

Whirlpool monthly price action technical analysis review

On the monthly chart we've used one of the most basic price action tools and that is trend.  Often times it is thought that charts need all types of studies, indicators, or "secrets" to identify levels of interest.  Clearly we can see that's simply not the case here.

After setting its $257.68 all time high (ATH) back in spring 2022 price fell dramatically over the next few years melting through many potential support levels.

The bulls recently stepped in around the $85 level pushing price back up towards the $100 area however price has yet to make a higher low and higher high since ATHs.

Weekly Chart

Whirlpool weekly price action technical analysis review

 
On the weekly chart we can see with much more clarity the dramatic fall from ATHs and where price briefly shot up over $250 then reversed starting a downward cycle.

Trading at $98.50 earlier today price has yet to test the lower long term monthly trend line so is this just another lower high? 

Price is sitting just under some overhead resistance seemingly with a potential decision to make.  Could this be the time that price breaks out and above to break the long down trend or will price fade back to the downside again?

Only time will tell for sure what price will do next...

We've layered in traditional support/resistance levels as well as an additional trend line to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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