Weekly structural research · SET · Utilities

WHAUP Stage Analysis

WHA Utilities and Power Public Company Limited

Week ending 2 Oct 2026Close THB 6.95Tenure NewBenchmark ^SET.BK

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Deceleration · Recompressing

The upward structure remains, but its energy is decelerating.

Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down.

The Trend gate is up within the current regime.
Fast Activity versus Slow Activity: weakening.
Activity structure: moderate and contracting.

Direction 16−100 bearish to +100 bullish

Energy 26/100directional strength

Maturity 72/100lifecycle context

Confidence 89/100evidence agreement

Trend gate Upstructural direction

Activity structure Moderatecontracting separation

Price acceptance +0.0%position within the Activity structure

Fair Value context +67.9%THB 4.14 · weakening

Trend Architecture map · Historical context

Weekly close, Activity, Trend and Fair Value

Follow price and Trend first, then add Activity Lines to inspect the structure. Subtle bands show the regime recognized at each completed observation; the dashed line marks current Fair Value, not a historical forecast.

CloseTrendCurrent Fair Value

Background stage key

BalanceDirection is contained.
Rotation UpStructure is turning higher.
Upward ExpansionUptrend is established.
DecelerationUptrend is losing energy.
Rotation DownStructure is turning lower.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-10-02	6.95	6.24	20.91	41326100	Deceleration	16	26
2026-09-25	7.15	6.15	22.46	31028800	Deceleration	34	32
2026-09-18	7.10	6.07	24.26	41180800	Deceleration	40	32
2026-09-11	7.30	5.99	27.14	31907500	Deceleration	46	45
2026-09-04	7.40	5.91	30.65	50283000	Upward Expansion	50	53
2026-08-28	7.60	5.80	36.08	7022100	Upward Expansion	53	59
2026-08-21	7.80	5.70	38.29	4159600	Upward Expansion	65	65
2026-08-14	7.75	5.58	40.03	8241500	Upward Expansion	65	66
2026-08-07	7.75	5.46	41.25	13691700	Upward Expansion	67	68
2026-07-31	7.80	5.34	42.99	25087000	Upward Expansion	69	69
2026-07-24	8.05	5.21	47.75	26371700	Upward Expansion	82	92
2026-07-17	7.95	5.09	48.29	24920500	Upward Expansion	88	96
2026-07-10	8.05	4.96	53.75	33543600	Upward Expansion	98	99
2026-07-03	7.00	4.85	36.41	5917600	Upward Expansion	87	95
2026-06-26	7.05	4.76	44.86	14921000	Upward Expansion	96	98
2026-06-19	6.60	4.66	34.57	14580500	Upward Expansion	95	98
2026-06-12	5.95	4.58	20.96	2901300	Upward Expansion	84	94
2026-06-05	5.90	4.51	21.47	9060500	Upward Expansion	90	96
2026-05-29	5.70	4.44	19.18	52698300	Upward Expansion	88	94
2026-05-22	5.55	4.38	19.03	69425100	Upward Expansion	89	89
2026-05-15	4.96	4.33	8.53	33618000	Upward Expansion	71	76
2026-05-08	5.00	4.29	11.21	41633700	Upward Expansion	75	69
2026-05-01	4.82	4.26	8.22	28795700	Balance	67	48
2026-04-24	4.51	4.23	4.23	21834500	Balance	39	20
2026-04-17	4.34	4.21	-1.29	8686200	Balance	12	7
2026-04-10	4.32	4.20	-3.19	14886000	Balance	8	12
2026-04-03	4.32	4.19	0.57	36059800	Upward Expansion	16	20
2026-03-27	4.18	4.16	-1.86	24284000	Upward Expansion	14	22
2026-03-20	4.16	4.15	-1.23	23695100	Upward Expansion	20	15
2026-03-13	4.16	4.12	0.52	63312600	Upward Expansion	32	24
2026-03-06	4.22	4.09	1.91	54938200	Upward Expansion	56	56
2026-02-27	4.84	4.06	8.12	34182700	Upward Expansion	78	80
2026-02-20	4.78	4.01	10.47	29880800	Upward Expansion	79	76
2026-02-13	4.70	3.95	12.89	47742700	Upward Expansion	79	61
2026-02-06	4.28	3.90	9.10	24128800	Deceleration	53	35
2026-01-30	4.37	3.86	14.51	21671000	Deceleration	52	31
2026-01-23	4.28	3.82	13.46	24018900	Deceleration	40	21
2026-01-16	4.16	3.77	14.23	16738500	Deceleration	36	20
2026-01-09	4.12	3.73	15.65	40261600	Upward Expansion	41	27
2026-01-02	4.03	3.69	12.85	25472200	Upward Expansion	58	45
2025-12-26	4.26	3.66	19.51	31444300	Upward Expansion	64	73
2025-12-19	4.34	3.62	22.63	30704100	Upward Expansion	64	78
2025-12-12	4.55	3.58	28.68	21103800	Upward Expansion	85	87
2025-12-05	4.49	3.53	25.61	38540700	Upward Expansion	85	65
2025-11-28	3.99	3.48	13.52	23378400	Upward Expansion	58	45
2025-11-21	4.10	3.45	17.12	63437700	Deceleration	69	47
2025-11-14	3.88	3.42	9.53	22475400	Deceleration	45	34
2025-11-07	3.93	3.40	8.35	28010900	Upward Expansion	49	38
2025-10-31	3.86	3.36	5.58	22825100	Upward Expansion	49	43
2025-10-24	3.86	3.33	5.03	13492500	Upward Expansion	63	55
2025-10-17	3.86	3.31	8.05	52991200	Upward Expansion	66	63
2025-10-10	3.99	3.29	10.60	23877800	Upward Expansion	69	84
2025-10-03	4.01	3.26	10.66	16804400	Upward Expansion	74	89
2025-09-26	4.03	3.24	12.68	33934200	Upward Expansion	81	92
2025-09-19	3.88	3.21	7.51	25963600	Upward Expansion	74	88
2025-09-12	3.95	3.19	9.68	29773600	Upward Expansion	86	88
2025-09-05	3.69	3.17	4.91	22502700	Upward Expansion	78	80
2025-08-29	3.71	3.15	8.09	30045200	Rotation Up	85	76
2025-08-22	3.40	3.14	-1.79	16933400	Rotation Up	43	49
2025-08-15	3.23	3.15	-7.05	6997000	Rotation Up	17	35
2025-08-08	3.27	3.15	-5.97	12864500	Balance	25	29
2025-08-01	3.21	3.17	-4.61	13387900	Balance	17	21
2025-07-25	3.20	3.20	-5.15	16530800	Balance	-3	14
2025-07-18	3.21	3.24	-3.83	12148000	Downward Expansion	-17	11
2025-07-11	2.99	3.27	-3.86	7719300	Downward Expansion	-52	34
2025-07-04	3.16	3.32	1.71	12186700	Downward Expansion	-48	32
2025-06-27	2.89	3.36	-3.55	9910800	Downward Expansion	-63	44
2025-06-20	2.82	3.41	-4.87	10810600	Downward Expansion	-75	48
2025-06-13	3.04	3.46	-2.34	2787700	Downward Expansion	-55	38
2025-06-06	3.06	3.50	-2.93	3353700	Downward Expansion	-55	40
2025-05-30	3.04	3.55	-4.65	6616300	Downward Expansion	-57	42
2025-05-23	3.04	3.61	-6.75	5698200	Downward Expansion	-48	37
2025-05-16	3.03	3.67	-8.83	7490500	Downward Expansion	-50	37
2025-05-09	3.10	3.72	-7.75	4769700	Downward Expansion	-44	35
2025-05-02	3.16	3.76	-5.14	11799700	Downward Expansion	-58	45
2025-04-25	3.13	3.79	-2.74	11529200	Downward Expansion	-62	54
2025-04-18	3.15	3.83	-1.35	7364400	Downward Expansion	-63	60
2025-04-11	2.81	3.86	-10.09	18736700	Downward Expansion	-80	72
2025-04-04	2.95	3.89	-5.16	16407100	Downward Expansion	-77	59
2025-03-28	3.16	3.92	-2.51	8656300	Downward Expansion	-66	51
2025-03-21	3.29	3.93	0.54	15614200	Downward Expansion	-50	47
2025-03-14	3.32	3.94	2.93	9802400	Downward Expansion	-60	54
2025-03-07	3.31	3.94	0.22	10739800	Downward Expansion	-63	66
2025-02-28	3.23	3.95	-1.89	32197000	Downward Expansion	-66	80
2025-02-21	3.27	3.96	-4.02	18033400	Downward Expansion	-67	85
2025-02-14	3.20	3.97	-7.89	18499600	Rotation Down	-76	89
2025-02-07	3.09	3.99	-11.61	53383400	Rotation Down	-60	82
2025-01-31	3.47	4.00	-3.33	16965400	Rotation Down	-40	72
2025-01-24	3.57	4.01	-3.11	19583700	Rotation Down	-39	68
2025-01-17	3.47	4.01	-4.93	23628300	Deceleration	-47	61
2025-01-10	3.79	4.02	1.88	52178000	Deceleration	-13	21
2025-01-03	4.15	4.01	10.38	24864100	Deceleration	14	12
2024-12-27	4.27	3.99	12.87	18392200	Deceleration	33	18
2024-12-20	4.29	3.96	16.96	21819900	Deceleration	35	19
2024-12-13	4.32	3.94	13.12	13058200	Deceleration	38	22
2024-12-06	4.47	3.91	15.76	19411100	Deceleration	41	26
2024-11-29	4.24	3.88	12.15	16024800	Upward Expansion	44	30
2024-11-22	4.38	3.85	14.89	22099900	Upward Expansion	52	46
2024-11-15	4.24	3.82	12.03	72352500	Upward Expansion	66	62
2024-11-08	4.72	3.79	23.52	27266600	Upward Expansion	73	83
2024-11-01	4.72	3.74	24.43	44773800	Upward Expansion	80	89
2024-10-25	4.72	3.70	25.43	37769400	Upward Expansion	89	93
2024-10-18	4.68	3.65	23.05	41191100	Upward Expansion	95	97
2024-10-11	4.34	3.61	16.65	76029700	Upward Expansion	90	96
2024-10-04	4.10	3.58	12.66	35853700	Upward Expansion	77	91
2024-09-27	4.11	3.56	13.28	29977800	Upward Expansion	86	94
2024-09-20	4.06	3.54	12.28	35084200	Upward Expansion	86	87
2024-09-13	3.87	3.51	9.51	34606100	Deceleration	75	65
2024-09-06	3.72	3.50	5.73	48496000	Deceleration	49	21
2024-08-30	3.53	3.48	5.67	19891800	Deceleration	10	16
2024-08-23	3.46	3.48	4.30	26906000	Deceleration	7	12
2024-08-16	3.42	3.47	7.72	22760800	Deceleration	13	11
2024-08-09	3.55	3.47	12.57	23288100	Deceleration	38	20
2024-08-02	3.62	3.47	14.03	5581500	Upward Expansion	43	23
2024-07-26	3.58	3.46	14.16	15673400	Upward Expansion	52	29
2024-07-19	3.62	3.45	15.18	19491900	Upward Expansion	57	36
2024-07-12	3.57	3.44	12.97	16154100	Upward Expansion	58	39
2024-07-05	3.64	3.43	17.67	13984500	Upward Expansion	59	51
2024-06-28	3.67	3.42	20.59	21054200	Upward Expansion	69	66
2024-06-21	3.62	3.41	19.21	16558000	Upward Expansion	64	42
2024-06-14	3.57	3.40	18.15	64847600	Upward Expansion	59	39
2024-06-07	3.69	3.39	20.55	35807800	Upward Expansion	80	63
2024-05-31	3.35	3.37	9.20	49957700	Upward Expansion	43	49
2024-05-24	3.53	3.37	13.74	6615700	Upward Expansion	64	72
2024-05-17	3.55	3.35	13.25	8617400	Upward Expansion	71	69
2024-05-10	3.55	3.33	14.61	6037500	Balance	69	40
2024-05-03	3.44	3.32	11.86	6753300	Balance	39	20
2024-04-26	3.37	3.30	10.84	11962800	Balance	13	16
2024-04-19	3.26	3.30	9.81	10443600	Balance	6	11
2024-04-12	3.36	3.30	8.38	6320900	Upward Expansion	48	26
2024-04-05	3.39	3.30	11.50	7205200	Upward Expansion	51	40
2024-03-29	3.43	3.29	12.83	5977500	Upward Expansion	54	46
2024-03-22	3.46	3.29	14.21	14485000	Upward Expansion	61	45
2024-03-15	3.44	3.28	13.76	9016700	Upward Expansion	59	34
2024-03-08	3.41	3.27	13.12	10384900	Deceleration	44	24
2024-03-01	3.33	3.27	12.35	19181400	Deceleration	35	19
2024-02-23	3.38	3.25	12.07	10666000	Deceleration	39	22
2024-02-16	3.36	3.24	12.95	6789100	Upward Expansion	37	20
2024-02-09	3.36	3.23	13.25	13237900	Upward Expansion	50	29
2024-02-02	3.36	3.21	14.07	8400200	Upward Expansion	56	39
2024-01-26	3.31	3.20	14.14	19286700	Upward Expansion	56	44
2024-01-19	3.44	3.19	18.07	26978200	Upward Expansion	65	59
2024-01-12	3.49	3.17	17.69	44522500	Upward Expansion	74	45
2024-01-05	3.34	3.16	11.91	5287900	Upward Expansion	59	34
2023-12-29	3.31	3.16	12.03	4788800	Upward Expansion	56	35
2023-12-22	3.24	3.15	10.97	6761400	Upward Expansion	55	46
2023-12-15	3.31	3.15	14.75	7626800	Upward Expansion	59	63
2023-12-08	3.34	3.15	17.17	7632300	Upward Expansion	67	68
2023-12-01	3.34	3.15	17.73	16089400	Upward Expansion	67	59
2023-11-24	3.26	3.14	13.86	10090600	Balance	47	35
2023-11-17	3.31	3.13	14.51	23462300	Balance	50	24
2023-11-10	3.18	3.13	12.45	7748600	Rotation Down	-4	14
2023-11-03	3.14	3.13	9.27	5391900	Rotation Down	-23	26
2023-10-27	2.98	3.13	6.08	6685400	Deceleration	-58	45
2023-10-20	2.98	3.14	5.35	10683200	Deceleration	-20	27
2023-10-13	3.13	3.14	6.86	3972400	Deceleration	25	20

Price vs TrendAbove+11.4%

Trend directionRising+19.7%

Price vs current Fair ValuePremium+67.9%

Fair Value directionMoving away-17.8%

Relative Strength vs benchmarkLeading+20.9%

Relative strength directionWeakening-15.5%

Price momentumPositive+61.0%

Volume balanceSupply-led0.40×

Beyond the current label

Is the structure strengthening or losing force?

Direction and energy measure different things

Direction shows the upward or downward lean. Energy shows the force behind the structural move: high energy can accompany a strong decline as well as an advance.

Direction

16 / ±100

-33.6 points since 2026-09-04

Energy

26 /100

-26.8 points since 2026-09-04

Recent change compares the latest reading with four observations earlier. Missing readings remain unavailable. Use the chart values above to inspect individual observations.

WHAUP Directional State ↗ WHAUP Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance55

Rotation Up18

Upward Expansion49

Deceleration88

Rotation Down34

Downward Expansion27

The winning regime is the state most consistent with the complete SM evidence set. Direction, energy, maturity and confidence describe different aspects of the current structure, while contradictory evidence remains visible rather than being averaged into false certainty.

Time spent in each state

The context behind today’s regime

2023-10-13 to 2026-10-02 · 156 classified observations out of 156 shown.

Balance 8%Rotation Up 2%Upward Expansion 53%Deceleration 19%Rotation Down 4%Downward Expansion 14%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Deceleration	2026-09-11	2026-10-02	New	-4.8%
Upward Expansion	2026-05-08	2026-09-04	Established	+48.0%
Balance	2026-04-10	2026-05-01	New	+11.7%
Upward Expansion	2026-02-13	2026-04-03	Developing	-8.2%
Deceleration	2026-01-16	2026-02-06	New	+2.8%
Upward Expansion	2025-11-28	2026-01-09	Developing	+3.4%
Deceleration	2025-11-14	2025-11-21	New	+5.9%
Upward Expansion	2025-09-05	2025-11-07	Developing	+6.7%
Rotation Up	2025-08-15	2025-08-29	New	+14.6%
Balance	2025-07-25	2025-08-08	New	+2.4%
Downward Expansion	2025-02-21	2025-07-18	Established	-1.7%
Rotation Down	2025-01-24	2025-02-14	New	-10.5%
Deceleration	2024-12-06	2025-01-17	Developing	-22.4%
Upward Expansion	2024-09-20	2024-11-29	Developing	+4.3%

Classic Stage Analysis comparison

Stage 1 · Basing0

Stage 2 · Advancing100

Stage 3 · Distribution71

Stage 4 · Declining0

Legacy result: Stage 2 · Stage 2B · Advancing. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus ^SET.BK

Is relative performance confirming the geometry?

Confirmation, not classification

Relative Strength

The security is compared with its market benchmark on the SM scale. Above zero indicates relative leadership; direction shows whether that leadership is improving or weakening.

Confirmation evidence

Leading benchmark

Architecture confirmation: 72/100
Current Relative Strength: 20.91
Relative Strength direction: Weakening
Price momentum: +61.0%
Excess performance vs benchmark: +52.9%
Utilities regime cohort: 69th percentile13 in cohort

Test WHAUP trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.63×

Latest completed volume relative to typical participation.

Up/down volume0.40×

Participation balance between advancing and declining observations.

Accumulation / distribution3 / 4

Recent participation evidence classified by demand and supply.

Activity alignment+50.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+25.0%

Whether recent Activity evidence is stable or remains in balance.

Weekly volume with architecture context

Bars show completed weekly volume; the dashed line provides typical-volume context. Both measures use the same scale.

Explore WHAUP Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity THB 7.11falling

Slow Activity THB 6.94rising

Trend Reference THB 6.24+11.4% close margin

Current Fair Value THB 4.14+67.9% close margin

Structural low THB 4.28shock / repair context

What changes the read?

Renewed positive order and expanding width produce re-acceleration; fast/slow failure with downside acceptance produces Rotation Down.

Range context +5.3%

Annualized volatility +32.4%

From structural high -15.2%

From structural low +90.4%

Point-in-time evidence

What followed this architecture in this market?

Descriptive history, never a forecast

Historical comparisons use only the structural read that would have been available at each completed observation. Independent observations are used where possible, with benchmark comparison beginning after each recognized state.

Outcome horizon	Samples	Median move	Positive periods	Directional follow-through	Median excess vs ^SET.BK	Regime survived	Read
Near term	11	+2.5%-16.4% to +17.3%	+63.6%	+63.6%	+0.9%	+18.2%	Usable descriptive sample
Intermediate	7	+4.8%-26.0% to +33.1%	+71.4%	+71.4%	+8.5%	+14.3%	Usable descriptive sample
Extended	4	+3.7%-12.9% to +27.9%	+75.0%	+75.0%	+7.6%	+0.0%	Too little matched history
Full cycle	2	+0.5%-3.1% to +4.2%	+50.0%	+50.0%	+13.9%	+0.0%	Too little matched history

Evidence framework

What the analysis measures and where its limits lie

Trend Architecture

Trend Architecture brings Price, Fast Activity, Slow Activity and Trend into one structural read. It identifies balance, rotation, expansion, deceleration and contraction while requiring persistent evidence for confirmed regime changes.

Evidence roles

Trend, Activity, relative strength, volume and Fair Value each have a defined role in the SM evidence framework. No single reading is treated as sufficient on its own, and conflicting evidence remains visible.

Fair Value and RS

Current Fair Value provides a long-term price anchor and shows whether price is trading above, below or repairing toward that reference. Relative Strength compares the security with its benchmark and shows whether leadership is improving or weakening.

Known limitations

Weekly structure recognizes conditions after they develop. Event gaps can bypass smooth transitions, sideways markets can rotate repeatedly, and historical samples for a particular regime can be thin.

Independent market research for education. Not investment advice, a recommendation, a forecast, a target, or an execution instruction. Historical regime behaviour does not establish what happens next.

WHAUP Stage Analysis

What the Activity Line geometry says now

The upward structure remains, but its energy is decelerating.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength

Leading benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Send a message

Evidence context

What the Activity Line geometry says now

The upward structure remains, but its energy is decelerating.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength ?

Leading benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

Test the structure from another angle

Trend Persistence ↗

Directional State ↗

Momentum Intelligence ↗

Volume & Price ↗

Similar Charts ↗

RMI Reversal Map ↗

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Relative Strength

Trend Persistence

Directional State

Momentum Intelligence

Volume & Price

Similar Charts

RMI Reversal Map