ITW closes lower for the 2nd day in a row


Illinois Tool Works (ITW) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
ITW breaks key support level
ITW closes lower for the 2nd day in a row
ITW breaks below previous session low
ITW falls to lowest close since July 23rd
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, ITW finished the week -2.21% lower at 136.47 after losing $2.04 (-1.47%) today. Today's closing price of 136.47 marks the lowest close since July 23rd. Closing below Thursday's low at 138.40, the stock confirms its breakout through the previous session's low having traded $2.82 below it intraday.

Daily chart for ITW
Volatility

Friday's trading range was $2.67 (1.93%), that's slightly below last trading month's daily average range of $2.80. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Breaking below the key support level at 136.95 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's low at 134.66, downside momentum might speed up should the share break out to new lows for the year.

Conclusion

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 Illinois Tool Works
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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