Whirlpool of India Limited (WHIRLPOOL) Stock - Complete Technical Analysis - Sep 19, 2024

Whirlpool of India Stock Analysis Bearish Reversal, Support & Resistance Levels Explained

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

For Whirlpool of India Limited (WHIRLPOOL), the technical analysis reveals several key insights:

The stock is currently trading at 2,025.70, marking an 11.15% decline from its 52-week high of 2,280.00, and a 70.79% gain from its 52-week low of 1,186.10. This indicates a significant range of price movement over the past year.

Support and Resistance Levels:

Immediate Support: 2,034.13 (Classic Pivot S1) and 2,012.55 (Today's Low).

Immediate Resistance: 2,290.43 (Classic Pivot R1) and 2,077.00 (Today's High).

Technical Indicators:

MACD: The MACD is currently negative, suggesting a bearish momentum. This indicates that recent price action is not favoring upward movement.

RSI: With an RSI below 40, the stock is in the oversold territory, potentially indicating that it may be due for a bounce or reversal if buying interest picks up.

ADX: The ADX is moderately high, reflecting a trending market. However, the low directional indicators suggest that the current trend may be weak.

Stochastic Oscillator: The low Stochastic %K and Stochastic RSI suggest that the stock is in oversold conditions and could see a rebound if buying momentum returns.

Moving Averages:

Short-term: The stock is trading below its 10-day, 20-day, and 30-day moving averages, suggesting a bearish short-term trend.

Long-term: The stock remains above its 50-day and 100-day moving averages, but below the 200-day moving average, which may indicate some underlying bullish sentiment over a longer period.

Chart Patterns:

Evening Star Pattern: This bearish reversal pattern suggests a potential top and indicates that the stock could face further downward pressure.

Volatility:

The Average True Range (ATR) is high, indicating significant volatility. Traders should be cautious and consider setting wider stop-loss levels.

Overall, WHIRLPOOL is currently in a bearish phase with potential support around 2,034.13 and resistance near 2,290.43. The stock's oversold condition could offer buying opportunities, but caution is advised due to the prevailing bearish indicators and high volatility.