How the price action of Illinois Tool Works ($ITW) is used to our Advantage
May 06, 2023, 01:45 am ET, BY Neal- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
Longer Term Trading Plans for ITW
- Buy ITW slightly over 217.67 target 238.21 stop loss @ 217.04 Details
The technical summary data tells us to buy ITW near 217.67 with an upside target of 238.21. This data also tells us to set a stop loss @ 217.04 to protect against excessive loss in case the stock begins to move against the trade. 217.67 is the first level of support below 230.31 , and by rule, any test of support is a buy signal. In this case, support 217.67 is being tested, a buy signal would exist.
- Short ITW slightly under 238.21, target 217.67, stop loss @ 238.9 Details
The technical summary data is suggesting a short of ITW as it gets near 238.21 with a downside target of 217.67. We should have a stop loss in place at 238.9though. 238.21 is the first level of resistance above 230.31, and by rule, any test of resistance is a short signal. In this case, if resistance 238.21 is being tested, a short signal would exist.
Swing Trading Plans for ITW
- Buy ITW slightly over 238.21, target 240.77, Stop Loss @ 237.52 Details
If 238.21 begins to break higher, the technical summary data tells us to buy ITW just slightly over 238.21, with an upside target of 240.77. The data also tells us to set a stop loss @ 237.52 in case the stock turns against the trade. 238.21 is the first level of resistance above 230.31, and by rule, any break above resistance is a buy signal. In this case, 238.21, 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 238.21, target 230.15, Stop Loss @ 238.9. Details
The technical summary data is suggesting a short of ITW if it tests 238.21 with a downside target of 230.15. We should have a stop loss in place at 238.9 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, 238.21, 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 231.57, target 238.21, Stop Loss @ 231.03 Details
If 231.57 begins to break higher, the technical summary data tells us to buy ITW just slightly over 231.57, with an upside target of 238.21. The data also tells us to set a stop loss @ 231.03 in case the stock turns against the trade. 231.57 is the first level of resistance above 230.31, and by rule, any break above resistance is a buy signal. In this case, 231.57, 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 231.57, target 230.15, Stop Loss @ 232.11. Details
The technical summary data is suggesting a short of ITW if it tests 231.57 with a downside target of 230.15. We should have a stop loss in place at 232.11 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, 231.57, 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 May 06:
| Term → | Near |
Mid |
Long |
|---|
| Rating |
Weak |
Strong |
Neutral |
| P1 |
0 |
0 |
197.13 |
| P2 |
223.68 |
230.15 |
217.67 |
| P3 |
231.57 |
240.77 |
238.21 |
AI Generated Signals for ITW
Blue = Current Price
Red= Resistance
Green = Support
Real Time Updates for Repeat Institutional Readers:
Instructions:Click the Get Real Time Updates button below.
In the login prompt, select forgot username
Type the email you use for Factset
Use the user/pass you receive to login
You will have 24/7 access to real time updates.
From then on you can just click to get the real time update whenever you want.
GET REAL TIME UPDATES
Our Market Crash Leading Indicator isEvitar Corte.
Evitar Corte warned of market crash risk four times since 2000.
It identified the Internet Debacle before it happened.
It identified the Credit Crisis before it happened.
It identified the Corona Crash too.
See what Evitar Corte is Saying Now.
Get Notified When our Ratings Change:Take a Trial
Our job as #investors is to pay attention to the #stocks we own. Part of that involves looking at the #fundamentals, but half of the disclosure comes from looking at price action. The Illinois Tool Works (NYSE: ITW) data table below can help you with price action, and we have more details too. Trading plans for ITW are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.
Fundamental Charts for ITW:
pool ads
