A price action above 259.00 supports a bullish trend direction.
Increase long exposure for a break above 264.00.
The target price is set at 269.00 (the upper range of the broadening top pattern).
The stop-loss price is set at 255.00 (just above its 23.6% Fibonacci retracement level).
Remains above its 200-day simple moving average.
An incomplete broadening top...
ITW is in a daily squeeze that looks primed to fire long. It just developed a fractal double bottom after a much larger double bottom. If it can break the resistance at $264, I think it climbs higher to $283 (the smaller double bottom price projection). It could do this on the strength of the daily squeeze and then, with luck, maybe it'll trigger the montly...
Reasons for bullish bias:
- Price forming a potential bull flag
- Entry is at breakout of pole for further confirmation
- HH breakout will also add confluence
- TP till projection
Entry Level (Buy Stop): 264.22
Stop Loss Level: 249.49
Take Profit Level 1: 278.95
Take Profit Level 2: 293.68
Take Profit Level 3: 300.56
ITW has just defined a HL and now going to start its movement up to a very strong resistance level of 266
Entry @ 255
SL @ 248
TP1 @ 263
TP2 (if it breaks above 266 level then just use 260 level as stop loss for the trade)
Company: Illinois Tool Works Inc.
Ticker: ITW
Exchange: NYSE
Sector: Industrials
Introduction:
In this analysis, we are looking at Illinois Tool Works Inc. (ITW) on the NYSE, a noteworthy name in the industrials sector. The weekly chart suggests a possible bullish continuation in the form of a classic Cup and Handle pattern that has been forming for the past...
The PEAD projected a bullish outlook for NYSE:ITW after a negative under reaction following its earnings release placing the stock in drift D with an expected accuracy of 40%.
The PEAD projected a Bearish outlook for $ITW after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 50%.
The PEAD projected a Bullish outlook for $ITW after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 85.71%.
The PEAD projected a Bullish outlook for $ITW after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 75%.
Note: I've mentioned this stock a couple of times before but both times it pulled back to an expected level due to the market conditions at the time.
* Excellent earnings
* Very strong up trend
* High 3-month relative strength of 2.61 in the Industrial sector
* Breaking out of a ~9 month base with higher than average volume
* Tried to break out a couple of...
* Amazing earnings year-over-year
* Very strong up trend
* High 3-month relative strength of 4.05 in the Industrial sector
* Pays out dividends
* Breaking out of a ~9 month base with slightly higher than average volume
* I mentioned it was breaking out mid November but due to the market conditions it had a slight pull back to the $232.47 area
* It has since...
* Exceptional earnings
* Very strong up trend
* High 3-month relative strength in the Industrial sector
* Breaking out of a ~8 month base with higher than average volume
* Recently broke above the pivot point of $232.47 and used it as support for 5 days before moving higher
* Retested the broken resistance as support
* Pays generous dividends
Trade Idea:
*...
Based on historical movement, the trough could occur anywhere in the larger red box. The final targets are in the green boxes. The pending top should occur within the larger green box as has been the historical case. Half of all movement has ended in the smaller green box. In this instance, the signal indicated BUY on September 8, 2021 with a closing price of...
I've been watching $ITW as a manufacturing and infrastructure play. It broke out last week but was unbuyable due to earnings coming up in a few days. Well, earnings are behind and it beat. This is not a growth stock so I doubt it will rocket up. I have an alert set for when it exceeds it's ATH set on the earnings date. I'll wait for that to be taken out with...
The PEAD projected a Bullish outlook for $ITW after a Positive under reaction following its earnings release placing the stock in drift A
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Attention is shifting toward industrials as technology and the Nasdaq struggle. Two companies in the space have potentially bullish patterns: Illinois Tool Works and Stanley Black & Decker .
ITW is the larger company with a market cap of about $68 billion. It broke out to new all-time highs in August and consolidated for the next seven months. Now the bulls may...
