ITW runs into sellers around 156.94 for the third day in a row

Illinois Tool Works (ITW) Technical Analysis Report for Apr 16, 2018

Highlights

ITW runs into sellers around 156.94 for the third day in a row
ITW rises to highest close since April 5th
ITW still stuck within tight trading range
ITW closes within previous day's range after lackluster session
ITW ends the day indecisive

TQ Sentiment

Report Sentiment: 22% Bearish
Technical Forecast:

Overview

ITW ended Monday at 156.36 gaining $1.34 (0.86%) on low volume. Today's closing price of 156.36 marks the highest close since April 5th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ITW

Volatility

Monday's trading range was $1.45 (0.93%), that's far below last trading month's daily average range of $3.87. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 153.66 and 157.51 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 157.51. The market ran into sellers again today around 156.94 for the third trading day in a row after having found sellers at 157.14 in the previous session and at 156.85 two days ago.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 157.14 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 154.37 where further sell stops could get activated. With prices trading close to this year's low at 150.74, downside momentum might accelerate should the share break out to new lows for the year. As prices are trading close to April's high at 160.08, upside momentum could speed up should ITW mark new highs for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Illinois Tool Works

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