ITW closes higher for the 3rd day in a row
Illinois Tool Works Inc. (ITW) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ITW ended the week 3.03% higher at 144.89 after surging $2.09 (1.46%) today. This is the biggest single day gain in over a week. Today's closing price of 144.89 marks the highest close since July 20th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 143.08, the share confirms its breakout through the previous session's high having traded $1.93 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ITW as at Sep 14, 2018):
Friday's trading range was $1.83 (1.28%), that's slightly below last trading month's daily average range of $1.95. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 144.19 today, it is now likely to act as support going forward.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Trading close to July's high at 148.03 we could see further upside momentum if potential buy stops at the level get activated.