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Archive
- 4/26/2024 -
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Illinois Tool Works (ITW) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was the negative week for the Illinois Tool Works (ITW). During the week, the ITW gave back -2.18 points, or -0.87%, and closed at 248.28 on Friday, April 26, 2024. ITW was trading at average weekly trading volume.
ITW is a member of Industrials Sector. Industrials is the second 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 271.10 on March 22, 2024. ITW gained -245.50 points, or -958.98%, in 783 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (251.09). 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 October 24, 2023 at 217.50 and reached 271.10 on March 22, 2024. ITW gained -53.60 points, or -24.64%, in 21 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (276.78) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. ITW may retest the broken support line. It is considered to be a resistance line now. 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 Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold 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 below its signal line since April 5, 2024. Use the following link to access a MACD help.
 Short-term trend: [See ITW short-term trend chart]
A short-term downtrend had started on March 22, 2024 at 271.10 and reached 247.15 on April 25, 2024. ITW lost 23.95 points, or 8.83%, in 34 days. Price is near the trend low.
 Daily Technical Indicators: [See ITW daily technical indicators chart]
Daily Relative Strength Index and Lane's Stochastic are oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index and Lane's Stochastic or strongly oversold daily Williams' Percentage Range. Daily Relative Strength Index, Lane's Stochastic and MACD have bullish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Relative Strength Index, Lane's Stochastic and MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following links to access Lane's Stochastic and Relative Strength Index help.
The daily MACD line is below its signal line since March 28, 2024. This is an indication that the short-term trend is down.
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| Daily Oscillators |
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| Weekly Oscillators |
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| Trading
Signals |
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| Sector and
Industry |
| Description |
Name |
Rank |
| Sector |
Industrials |
8 |
| Industry |
Industrial Machinery |
88 |
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| Daily Trend |
| Description |
Value |
| Direction |
Down |
| Chart Pattern |
DownTrend |
| High |
252.71 |
| High Date |
04/22/2024 |
| Low |
247.15 |
| Low Date |
04/25/2024 |
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| Weekly Trend |
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| Description |
Value |
| Direction |
Down |
| Chart Pattern |
DownTrend |
| Status |
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| Resistance |
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| Support |
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| High |
271.10 |
| High Date |
03/22/2024 |
| Low |
247.15 |
| Low Date |
04/25/2024 |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Rising Wedge |
| Status |
Broken Support |
| Resistance |
273.75 |
| Support |
276.78 |
| Low |
217.50 |
| Low Date |
10/24/2023 |
| High |
271.10 |
| High Date |
03/22/2024 |
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| Quarterly Trend |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Uptrend |
| Status |
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| Resistance |
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| Support |
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| Low |
173.52 |
| Low Date |
07/14/2022 |
| High |
271.10 |
| High Date |
03/22/2024 |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Broadening Ascending Wedge |
| Status |
Test Resistance |
| Resistance |
251.09 |
| Support |
150.49 |
| Low |
25.60 |
| Low Date |
03/16/2009 |
| High |
271.10 |
| High Date |
03/22/2024 |
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