ITW closes lower for the 2nd day in a row
Illinois Tool Works Inc. (ITW) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (ITW as at Aug 10, 2018):
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.
Breaking below the key support level at 136.95 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.