Whirlpool of India Ltd (WHIRLPOOL) Analysis
The chart provided is of Whirlpool of India Ltd (WHIRLPOOL) listed on the National Stock Exchange (NSE) of India, on a weekly timeframe. Here’s a detailed analysis and summary:
1. Trend Analysis:
- The stock had a strong uptrend from early 2020 to early 2021.
- Since mid-2021, the stock has been in a downtrend, forming lower highs and lower lows.
- Recently, the stock has shown signs of a potential trend reversal with a breakout above the downtrend line.
2. Support and Resistance Levels:
- Support:
- Major horizontal support around 1269.45.
- Resistance/Targets:
- Target 1: 1738.45
- Target 2: 1888.40
- Target 3: 2246.90
- Target 4: 2435.95
- Ultimate resistance: 2683.65
3. Breakout:
- The stock has recently broken out above the descending trendline, indicating potential bullish momentum.
- This breakout is significant as it suggests a reversal from the prolonged downtrend.
4. Chart Patterns:
- A descending triangle pattern was in place from mid-2021 to 2023.
- The breakout above the descending trendline signals a potential end to this pattern and a shift towards a bullish trend.
5. Current Price Action:
- The current price is 1620.90, indicating a strong bullish move recently.
- The stock is approaching the first target at 1738.45.
6. Moving Averages and Indicators:
- The chart does not explicitly show moving averages or other indicators, but the breakout and resistance levels provide key insights.
Summary:
The chart of Whirlpool of India Ltd (WHIRLPOOL) indicates a recent breakout above a descending trendline, suggesting a potential reversal from its long-term downtrend. The stock has shown strong bullish momentum, with the current price at 1620.90. Key resistance levels to watch are 1738.45, 1888.40, 2246.90, and 2435.95, with ultimate resistance at 2683.65. The major support level is at 1269.45. The breakout is a positive signal, indicating the potential for further upside if the stock can sustain above the breakout level and move towards its targets.
1. Trend Analysis:
- The stock had a strong uptrend from early 2020 to early 2021.
- Since mid-2021, the stock has been in a downtrend, forming lower highs and lower lows.
- Recently, the stock has shown signs of a potential trend reversal with a breakout above the downtrend line.
2. Support and Resistance Levels:
- Support:
- Major horizontal support around 1269.45.
- Resistance/Targets:
- Target 1: 1738.45
- Target 2: 1888.40
- Target 3: 2246.90
- Target 4: 2435.95
- Ultimate resistance: 2683.65
3. Breakout:
- The stock has recently broken out above the descending trendline, indicating potential bullish momentum.
- This breakout is significant as it suggests a reversal from the prolonged downtrend.
4. Chart Patterns:
- A descending triangle pattern was in place from mid-2021 to 2023.
- The breakout above the descending trendline signals a potential end to this pattern and a shift towards a bullish trend.
5. Current Price Action:
- The current price is 1620.90, indicating a strong bullish move recently.
- The stock is approaching the first target at 1738.45.
6. Moving Averages and Indicators:
- The chart does not explicitly show moving averages or other indicators, but the breakout and resistance levels provide key insights.
Summary:
The chart of Whirlpool of India Ltd (WHIRLPOOL) indicates a recent breakout above a descending trendline, suggesting a potential reversal from its long-term downtrend. The stock has shown strong bullish momentum, with the current price at 1620.90. Key resistance levels to watch are 1738.45, 1888.40, 2246.90, and 2435.95, with ultimate resistance at 2683.65. The major support level is at 1269.45. The breakout is a positive signal, indicating the potential for further upside if the stock can sustain above the breakout level and move towards its targets.
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