ITW closes lower for the 2nd day in a row
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.
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.
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
|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|
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