(ITW) Technical Pivots with Risk Controls

September 27, 2024, 15:44 pm ET, BY Harold S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for ITW

• Buy ITW near 250.59 target 265.23 stop loss @ 249.87 Details

The technical summary data tells us to buy ITW near 250.59 with an upside target of 265.23. This data also tells us to set a stop loss @ 249.87 to protect against excessive loss in case the stock begins to move against the trade. 250.59 is the first level of support below 263.88 , and by rule, any test of support is a buy signal. In this case, support 250.59 is being tested, a buy signal would exist.

• Short ITW slightly under 265.23, target 250.59, stop loss @ 266 Details

The technical summary data is suggesting a short of ITW as it gets near 265.23 with a downside target of 250.59. We should have a stop loss in place at 266though. 265.23 is the first level of resistance above 263.88, and by rule, any test of resistance is a short signal. In this case, if resistance 265.23 is being tested, a short signal would exist.

Swing Trading Plans for ITW

• Buy ITW slightly over 264.34, target 265.23, Stop Loss @ 263.58 Details

If 264.34 begins to break higher, the technical summary data tells us to buy ITW just slightly over 264.34, with an upside target of 265.23. The data also tells us to set a stop loss @ 263.58 in case the stock turns against the trade. 264.34 is the first level of resistance above 263.88, and by rule, any break above resistance is a buy signal. In this case, 264.34, 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 264.34, target 259.11, Stop Loss @ 265.1. Details

The technical summary data is suggesting a short of ITW if it tests 264.34 with a downside target of 259.11. We should have a stop loss in place at 265.1 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, 264.34, 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 264.34, target 265.23, Stop Loss @ 263.72 Details

If 264.34 begins to break higher, the technical summary data tells us to buy ITW just slightly over 264.34, with an upside target of 265.23. The data also tells us to set a stop loss @ 263.72 in case the stock turns against the trade. 264.34 is the first level of resistance above 263.88, and by rule, any break above resistance is a buy signal. In this case, 264.34, 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 264.34, target 262.94, Stop Loss @ 264.96. Details

The technical summary data is suggesting a short of ITW if it tests 264.34 with a downside target of 262.94. We should have a stop loss in place at 264.96 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, 264.34, 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 September 27:

Term →	Near	Mid	Long
Rating	Strong	Strong	Neutral
P1	0	0	235.14
P2	260.89	259.11	250.59
P3	262.94	264.34	265.23

AI Generated Signals for ITW

Real Time Updates for Repeat Institutional Readers:

• Factset: Request User/Pass
• Bloomberg, Reuters, Refinitiv, Zacks, or IB users: Access Here.

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

Market Crash Leading Indicator

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

The technical pivots for Illinois Tool Works Inc. (NYSE: ITW) help you determine how to trade, when to buy, when to sell, and how to control risk.

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.