When the Price of Illinois Tool Works $ITW Talks, People Listen

June 04, 2023, 01:00 am ET, BY Jake B.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for ITW

• Buy ITW slightly over 225.10 target 241.04 stop loss @ 224.45 Details

The technical summary data tells us to buy ITW near 225.10 with an upside target of 241.04. This data also tells us to set a stop loss @ 224.45 to protect against excessive loss in case the stock begins to move against the trade. 225.10 is the first level of support below 229.18 , and by rule, any test of support is a buy signal. In this case, support 225.10 would be being tested, so a buy signal would exist.

• Short ITW slightly under 241.04, target 225.10, stop loss @ 241.74 Details

The technical summary data is suggesting a short of ITW as it gets near 241.04 with a downside target of 225.10. We should have a stop loss in place at 241.74though. 241.04 is the first level of resistance above 229.18, and by rule, any test of resistance is a short signal. In this case, if resistance 241.04 is being tested, so a short signal would exist.

Swing Trading Plans for ITW

• Buy ITW slightly over 241.04, target 256.89, Stop Loss @ 240.34 Details

If 241.04 begins to break higher, the technical summary data tells us to buy ITW just slightly over 241.04, with an upside target of 256.89. The data also tells us to set a stop loss @ 240.34 in case the stock turns against the trade. 241.04 is the first level of resistance above 229.18, and by rule, any break above resistance is a buy signal. In this case, 241.04, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short ITW slightly near 241.04, target 225.10, Stop Loss @ 241.74. Details

The technical summary data is suggesting a short of ITW if it tests 241.04 with a downside target of 225.10. We should have a stop loss in place at 241.74 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 241.04, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for ITW

• Buy ITW slightly over 241.04, target 256.89, Stop Loss @ 240.48 Details

If 241.04 begins to break higher, the technical summary data tells us to buy ITW just slightly over 241.04, with an upside target of 256.89. The data also tells us to set a stop loss @ 240.48 in case the stock turns against the trade. 241.04 is the first level of resistance above 229.18, and by rule, any break above resistance is a buy signal. In this case, 241.04, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short ITW slightly near 241.04, target 226.94, Stop Loss @ 241.6. Details

The technical summary data is suggesting a short of ITW if it tests 241.04 with a downside target of 226.94. We should have a stop loss in place at 241.6 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 241.04, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Check the time stamp on this data. Updated AI-Generated Signals for Illinois Tool Works (ITW) available here: ITW.

ITW Ratings for June 04:

Term →	Near	Mid	Long
Rating	Neutral	Neutral	Strong
P1	0	0	225.10
P2	220.97	218.54	241.04
P3	226.94	224.78	256.89

AI Generated Signals for ITW

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This is not EF Hutton, but it could be more #powerful.  A picture speaks a thousand words, they say, and the #priceaction of Illinois Tool Works (NYSE: ITW) tells an important story.  The movement tells us where investors perceive value, or the lack of it, and if we pay attention we can capture opportunity.  The data below for ITW can be used as an example, and demonstrate how to do this for other stocks too.  This data was current at the time of publication, but it is not updated in real time here. If you want real time updates, or data on a different stock, please get one here Unlimited Real Time Reports.