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- 1/15/2021 -
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Illinois Tool Works (ITW)

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Summary:
Weekly :Broken trend support lineTrend resistance at 200.50
Daily :The price has fallen below the Parabolic SARPrice has crossed below the 50 Day Moving AverageThe price has declined below the moving average in the center of the Bollinger BandsThe period of low volatility of the stock price
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It was the negative week for the Illinois Tool Works (ITW). During the week, the ITW dropped -5.77 points, or -2.76%, and closed at 203.19 on Friday, January 15, 2021. Weekly volume was -25% below average.

Long-term trend: [See ITW long-term trend chart]
A long-term uptrend had started on March 16, 2009 at 25.60 and reached 224.69 on November 9, 2020. ITW gained -199.09 points, or -777.70%, in 608 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (200.50). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See ITW medium-term trend chart]
A medium-term uptrend had started on March 23, 2020 at 115.94 and reached 224.69 on November 9, 2020. ITW gained -108.75 points, or -93.80%, in 33 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (205.82) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.

Weekly Technical Indicators: [See ITW weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since December 4, 2020. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.

Short-term trend: [See ITW short-term trend chart]
A short-term uptrend had started on December 21, 2020 at 198.27 and reached 211.90 on January 6, 2021. ITW gained -13.63 points, or -6.87%, in 16 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 200.14 and resistance is at 219.60. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.

Daily Technical Indicators: [See ITW daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since December 31, 2020. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is falling, and it was 5.47% on Friday. It is 56.13% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 51.79
Williams' Percentage Range (W%R) 59.30
Lane's Stochastic (%D-Slow) 53.66
Greed/Fear Indicator (GFI) 48.70
Moving Average Converg./Diverg. (MACD) 0.34
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 48.09
Williams' Percentage Range (W%R) 57.10
Lane's Stochastic (%D-Slow) 34.04
Greed/Fear Indicator (GFI) 42.28
Moving Average Converg./Diverg. (MACD) 7.60
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 228.15
Weekly Trendline Resistance 219.60
Parabolic System 212.11
Upper Bollinger Band 211.12
50 Day Moving Average 206.62
Daily Stochastic Crossing 206.03
Quarterly Trendline Support 205.82
20 Day Moving Average 204.85
Weekly Stochastic Crossing 203.74
Price 203.19
Yearly Trendline Resistance 200.50
Weekly Trendline Support 200.14
Lower Bollinger Band 199.99
Sector and Industry
Description Name Rank
Sector Industrials 5
Industry Industrial Machinery 45
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 211.90
High Date 01/06/2021
Low 200.30
Low Date 01/15/2021
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 219.60
Support 200.14
Low 198.27
Low Date 12/21/2020
High 211.90
High Date 01/06/2021
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 224.69
High Date 11/09/2020
Low 198.27
Low Date 12/21/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 228.15
Support 205.82
Low 115.94
Low Date 03/23/2020
High 224.69
High Date 11/09/2020
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Resistance
Resistance 200.50
Support 122.82
Low 25.60
Low Date 03/16/2009
High 224.69
High Date 11/09/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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