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Downtrend ResistanceArchive
- 4/19/2024 -
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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 dropped -3.05 points, or -1.20%, and closed at 250.46 on Friday, April 19, 2024. Weekly volume was 31% above average.
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 (250.78). 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 (274.45) 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 technical indicators are neutral.
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 248.08 on April 18, 2024. ITW lost 23.02 points, or 8.49%, in 27 days. The price is now at the 10.34% retracement level.
 Daily Technical Indicators: [See ITW daily technical indicators chart]
Daily Relative Strength Index is oversold while Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index or strongly oversold daily Williams' Percentage Range and Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range 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. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the 20 Day Moving Average 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.
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