I start with weekly WHC chart where the price action is operating under the influence of it’s major trend which is UP and STRONG STILL. As far as it’s intermediate trend is concerned a FLAT TRADING RANGE/CONGESTION on display. How this trading range resolves itself is a million dollar question. No one knows to be frank, even some of those gurus who predict/forecast a lot and get some of them right and they boast about the ones that they got right. How about the ones that they get wrong ? Do we ever hear from them ?
Back to the WHC weekly. Heavy volume and a bullish bar of April where we have seen a attempt of a failed breakout may be an indication that the smart money may be off loading their holdings (some at least) at those levels ($3.30) and slightly below.The support test in May was also on high volume which held so far. Seeing this, one may assume a further test of that level ( zone of $2.40) may potentially be on the cards.
Now to the second Daily chart and what do we see ? Focusing on the last two bars, what was completed ? A BEARISH PIVOT. If successful, this bearish pivot may mean the test of the support at the zone of $2.40 ( see weekly). If it fails ( BEARISH PIVOT), we will see an end of day close above the pivot high of $3.06, not a whipsaw intra day test, an end of day close. Analysis of WHC continues…
Weekly followed by daily.
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