The Greedy Trader Weekly Analysis
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Weekly Price vs. Fibonacci:Near 61.8% retracement level
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Stock market trading indicator and technical analysis stock screen presents technical stock market timing signals for technical investment analysis like screen stochastic or moving average trading system.. Screen includes following popular indicators and trading systems: Relative Strength Index (RSI), Williams' Percentage Range (W%R) and Lane's Stochastic (%D–Slow), moving average, macd convergence divergence, bullish and bearish divergence. For the best result different technical indicators should be analyzed in different time frames together with trend analysis, sector/industry ranking and stock timing alerts.

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- 3/15/2024 -
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Illinois Tool Works (ITW) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range is strongly overbought
Daily :Lane's Stochastic is overboughtLane's Stochastic and MACD bearish divergenceThe price is above the upper Bollinger BandThe Bollinger Bands are historically close together
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It was a fourth positive week after 3 consecutive negative weeks for the Illinois Tool Works (ITW). During the week, the ITW gained 5.74 points, or 2.20%, and closed at 266.92 on Friday, March 15, 2024. Weekly volume was 63% above average.

ITW is a member of Industrials Sector. Industrials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See ITW long-term trend chart]
A long-term uptrend had started on March 16, 2009 at 25.60 and reached 267.12 on January 31, 2024. ITW gained -241.52 points, or -943.44%, in 776 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend resistance line (149.52) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 resistance line in a long-term trend.

Medium-term trend: [See ITW medium-term trend chart]
A medium-term uptrend had started on October 24, 2023 at 217.50 and reached 267.12 on January 31, 2024. ITW gained -49.62 points, or -22.81%, in 14 weeks. Price is near the trend high.

Weekly Technical Indicators: [See ITW weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. 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 February 1, 2024 at 249.24 and reached 266.95 on March 15, 2024. ITW gained -17.71 points, or -7.11%, in 43 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 255.79 and resistance is at 268.83. 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 Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following link to access Lane's Stochastic help.

The daily MACD line is above its signal line since February 21, 2024. This is an indication that the short-term trend is up.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The distance between the Bollinger Bands (4.36%) is close to one year low (4.10%). It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 70.17
Williams' Percentage Range (W%R) 29.60
Lane's Stochastic (%D-Slow) 88.56
Overbought Bearish
Greed/Fear Indicator (GFI) 76.37
Moving Average Converg./Diverg. (MACD) 1.38 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 67.00
Williams' Percentage Range (W%R) 8.70
Strong Overbought
Lane's Stochastic (%D-Slow) 58.21
Greed/Fear Indicator (GFI) 68.04
Moving Average Converg./Diverg. (MACD) 5.39
Trading Signals
Description Value Chart
Weekly Trendline Resistance 268.83
Price 266.92
Upper Bollinger Band 266.79
Daily Stochastic Crossing 266.15
Weekly Stochastic Crossing 260.59
20 Day Moving Average 260.58
50 Day Moving Average 258.28
Parabolic System 257.96
Weekly Trendline Support 255.79
Lower Bollinger Band 255.17
Yearly Trendline Resistance 249.31
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Industrial Machinery 105
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 254.01
Low Date 03/04/2024
High 266.95
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 268.83
Support 255.79
Low 249.24
Low Date 02/01/2024
High 266.95
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 217.50
Low Date 10/24/2023
High 267.12
High Date 01/31/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 173.52
Low Date 07/14/2022
High 267.12
High Date 01/31/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 249.31
Support 149.52
Low 25.60
Low Date 03/16/2009
High 267.12
High Date 01/31/2024
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.