GWW pushes through 20-day moving average
Grainger (W.W.) Inc. (GWW) Technical Analysis Report for Apr 16, 2018
GWW ended Monday at 284.12 gaining $5.51 (1.98%). Trading up to $2.33 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Monday's trading range was $4.52 (1.6%), that's far below last trading month's daily average range of $7.76. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 278.61 and 286.29 which it has been in now for the last three days.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.
Breaking through the key resistance level at 283.34 today, it is now likely to act as support going forward. The share found buyers again today around 279.82 for the third trading day in a row after having found demand at 278.61 in the prior session and at 280.00 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. GWW managed to break above the 20-day moving average at 282.55 today for the first time since April 12th.
Buying might speed up should prices move above the nearby swing high at 286.29 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 278.61 where further sell stops could get triggered. With prices trading close to this year's high at 296.97, upside momentum might speed up should the stock be able to break out to new highs for the year. As prices are trading close to April's low at 273.22, downside momentum could accelerate should the market mark new lows for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Grainger (W.W.) Inc.
|Condition||Forecast||Direction||Direction||Win Rate||Win Rate||Exit Day||Exit Day||Events|
|Closed below last periods low||TQ Pro Members Only|
|Bearish Engulfing Candle||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
|Last Engulfing Bottom Pattern||TQ Pro Members Only|
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