Whirlpool of India Limited (WHIRLPOOL) Stock - Complete Technical Analysis - Oct 09, 2024

Whirlpool of India Limited: Technical Analysis & Trading Insights for October 2024

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.

Whirlpool of India Limited is currently trading at 2371.55, demonstrating a slight decline of 0.33% from its recent 52-week high of 2379.3, reached on October 7, 2024. This price action signifies a strong upward trend as the stock is 99.95% above its 52-week low of 1186.1 recorded on February 27, 2024.

Recent trading sessions reveal some significant price movements. The last trading day opened at 2372.00, peaked at 2394.00, and closed at 2371.55, indicating a short-term volatility trend. This suggests potential indecision in the market, as indicated by the Doji and Spinning Top candle patterns formed during the last session, signaling possible reversal or consolidation.

Technical indicators present a mixed picture. The MACD is bullish, showing strong momentum, while the RSI indicates overbought conditions above 70, suggesting caution for buyers. The ADX value of 27.78 suggests a strong trend; however, the market's indecision reflects the need for traders to remain vigilant.

Support levels can be identified around the 2203.53 mark, while resistance is encountered at the 2426.87 level. Given the stock's current valuation and technical indicators, traders may look for entry points around support levels, especially if the stock shows a reversal signal, while watching for signs of a breakout above the resistance level for potential upside movement. Volatility remains elevated, as indicated by the Average True Range (ATR), suggesting that traders should be prepared for significant price fluctuations in the near term.

In summary, Whirlpool of India Limited shows promising growth with potential volatility. Traders should consider market conditions closely, keeping an eye on both support and resistance levels, while being cautious of overbought signals.