WHIRLPOOL: Potential Rectangle Breakout

Aug 29

A rectangle pattern is a technical chart pattern characterized by two horizontal trendlines, one representing resistance and the other support, with the price oscillating between them. A breakout from either side of the rectangle can indicate a potential change in trend.


Wait for Breakout: Monitor the price action near the 2200 level. If the price breaks above 2200 with increased volume, it could be a strong signal to enter a long position.
Stop-Loss: Place a stop-loss below the recent low or the lower trendline of the rectangle. This will help limit losses if the price reverses direction.
Profit Targets: Use T1 (2300) and T2 (2400) as potential profit targets. However, consider trailing the stop-loss as the price moves higher to protect profits.


Entry Level: 2200: This is likely the breakout level from the rectangle. If the price successfully breaks above 2200, it could signal a bullish uptrend.
Target 1 (T1): 2300: This is the first potential target after the breakout. If the price reaches 2300, it could indicate a continuation of the uptrend.
Target 2 (T2): 2400: This is the second potential target, suggesting a more significant price increase.



Disclaimer: This analysis is based on the provided chart and is for informational purposes only. It does not constitute financial advice. Always consult with a financial advisor before making investment decisions.