Shares of Whirlpool are beginning the week with a healthy 3% gain. Major support near $146.00 may have marked a significant low.
Ahead of next week’s earnings report shares of WHR are lifting off a key level. Back in late October of 2016, just ahead of the election, the stock bottomed just below $146.00. Ten weeks later WHR had gained over 30%. Earlier this month, after the stock extended its pullback off the January highs to 20%, WHR retested the $146.00 area. Last week shares continued to base just above this key zone. Today the stock is moving quite well and is headed for its best April close.
A strong earnings report next week could propel the stock sharply higher. WHR now has a solid foundation underneath and is set up well for rebound. Support is in place between $153.00 and $150.00. On the downside, a close back below last week’s low($146.70)would be a clear warning sign.
At time of publication we do not have a position in WHR.