(ITW) Pivots Trading Plans and Risk Controls

July 29, 2024, 00:58 am ET, BY Harold S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for ITW

• Buy ITW slightly over 235.81 target 250.98 stop loss @ 235.13 Details

The technical summary data tells us to buy ITW near 235.81 with an upside target of 250.98. This data also tells us to set a stop loss @ 235.13 to protect against excessive loss in case the stock begins to move against the trade. 235.81 is the first level of support below 247.49 , and by rule, any test of support is a buy signal. In this case, support 235.81 would be being tested, so a buy signal would exist.

• Short ITW slightly under 250.98, target 235.81, stop loss @ 251.7 Details

The technical summary data is suggesting a short of ITW as it gets near 250.98 with a downside target of 235.81. We should have a stop loss in place at 251.7though. 250.98 is the first level of resistance above 247.49, and by rule, any test of resistance is a short signal. In this case, if resistance 250.98 is being tested, so a short signal would exist.

Swing Trading Plans for ITW

• Buy ITW slightly over 250, target 250.98, Stop Loss @ 249.28 Details

If 250 begins to break higher, the technical summary data tells us to buy ITW just slightly over 250, with an upside target of 250.98. The data also tells us to set a stop loss @ 249.28 in case the stock turns against the trade. 250 is the first level of resistance above 247.49, and by rule, any break above resistance is a buy signal. In this case, 250, 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 250, target 240.04, Stop Loss @ 250.72. Details

The technical summary data is suggesting a short of ITW if it tests 250 with a downside target of 240.04. We should have a stop loss in place at 250.72 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, 250, 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 248.45, target 250, Stop Loss @ 247.87 Details

If 248.45 begins to break higher, the technical summary data tells us to buy ITW just slightly over 248.45, with an upside target of 250. The data also tells us to set a stop loss @ 247.87 in case the stock turns against the trade. 248.45 is the first level of resistance above 247.49, and by rule, any break above resistance is a buy signal. In this case, 248.45, 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 248.45, target 243.89, Stop Loss @ 249.03. Details

The technical summary data is suggesting a short of ITW if it tests 248.45 with a downside target of 243.89. We should have a stop loss in place at 249.03 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, 248.45, 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 Inc. (ITW) available here: ITW.

ITW Ratings for July 29:

Term →	Near	Mid	Long
Rating	Neutral	Strong	Neutral
P1	0	0	235.81
P2	243.89	240.04	250.98
P3	248.45	250	265.61

AI Generated Signals for ITW

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This Illinois Tool Works Inc. (NYSE: ITW) report was produced by Stock Traders Daily.  Over the past 20 years our metholdology has been refined to help identify strategies for both individual stocks and the stock markets, with prudent risk controls.

Warning:

This is a static report, the data below was valid at the time of the publication, but support and resistance levels for ITW change over time, so the report should be updated regularly.  Real Time updates are provided to subscribers.  Unlimited Real Time Reports.

Subscribers also receive market analysis, stock correlation tools, macroeconomic observations, timing tools, and protection from market crashes using Evitar Corte.  

Instructions:

The rules that govern the data in this report are the rules of Technical Analysis.  For example, if ITW is testing support buy signals surface, and resistance is the target.  Conversely, if resistance is being tested, that is a sign to control risk or short, and support would be the downside target accordingly.  In each case, the trigger point is designed to be both an ideal place to enter a position (avoid trading in the middle of a trading channel), and it acts as a level of risk control too.

Swing Trades, Day Trades, and Longer term Trading Plans:

This data is refined to differentiate trading plans for Day Trading, Swing Trading, and Long Term Investing plans for ITW too.  All of these are offered below the Summary Table.