Illinois Tool Works Inc Stock Forecast
Illinois Tool Works Inc stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 18, 2024)
The Illinois Tool Works Inc stock price fell by -0.285% on the last day (Thursday, 18th Apr 2024) from $249.54 to $248.83. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.09% from a day low at $248.12 to a day high of $250.82. The price has fallen in 7 of the last 10 days and is down by -4.95% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -174 thousand shares and in total, 630 thousand shares were bought and sold for approximately $156.79 million.
Given the current horizontal trend, you can expect Illinois Tool Works Inc stock with a 90% probability to be traded between $251.63 and $274.31 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ITW Signals & Forecast
There are few to no technical positive signals at the moment. The Illinois Tool Works Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $253.41 and $261.85. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -7.95%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Illinois Tool Works Inc stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.70 (1.09%) between high and low. For the last week, the stock has had daily average volatility of 1.47%.
Illinois Tool Works Inc is oversold on RSI14 (10). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: $236.49 (-4.96%) (This stock has low daily movements and this gives low risk. Low RSI14 is 10 which reduces the risk some. There is a sell signal from a pivot top found 19 days ago.)
Trading Expectations (ITW) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Illinois Tool Works Inc to open at $249.26, and during the day (based on 14 day Average True Range), to move between $245.25 and $252.41, which gives a possible trading interval of +/-$3.58 (+/-1.44%) up or down from last closing price. If Illinois Tool Works Inc takes out the full calculated possible swing range there will be an estimated 2.87% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $255.55, some $6.72 (2.70%) from the current price of $248.83, our system finds the risk reward not very attractive.
Is Illinois Tool Works Inc stock A Buy?
Illinois Tool Works Inc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.878 Hold/Accumulate Upgraded
Predicted Opening Price for Illinois Tool Works Inc of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $249.26 ( 0.171%) | $248.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ITW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 251.96 | 1.26 % | |
| R2 | 250.93 | 0.84 % | ||
| R1 | 250.29 | 0.586 % | ||
| Current price: | 248.83 | |||
| Support | S1 | 248.23 | -0.243 % | |
| S2 | 247.59 | -0.499 % | ||
| S3 | 246.56 | -0.91 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 266.92 | 7.27 % | |
| R2 | 264.92 | 6.47 % | ||
| R1 | 255.55 | 2.70 % | ||
| Current price | 248.83 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
ITW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 09, 2024 | Mar 27, 2024 | Apr 11, 2024 | $1.40 | 0.543% |
| 2 | Oct 26, 2023 | Dec 28, 2023 | Jan 11, 2024 | $1.40 | 0.551% |
| 3 | Aug 04, 2023 | Sep 29, 2023 | Oct 12, 2023 | $1.40 | 0.599% |
| 4 | Aug 04, 2023 | Sep 28, 2023 | Oct 12, 2023 | $1.40 | 0.599% |
| 5 | May 05, 2023 | Jun 29, 2023 | Jul 13, 2023 | $1.31 | 0.526% |
FAQ
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