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Possible Bearish Inside Day Candle Pattern Detected for Illinois Tool Wo (NYSE:ITW)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Illinois Tool Wo (NYSE:ITW) based on the price action in the company's shares. Today's price range of $151.76 and $152.04 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Illinois Tool Wo may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 11.8% exists for Illinois Tool Wo, based on a current level of $151.76 and analysts' average consensus price target of $169.73. Illinois Tool Wo shares have support at the 50-day moving average (MA) of $151.01 and additional support at the 200-day MA of $140.35.

Over the past year, Illinois Tool Wo has traded in a range of $117.75 to $158.69 and is now at $151.76, 29% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

Illinois Tool Works Inc. designs and manufactures fasteners, components, equipment, consumable systems, and a variety of specialty products and equipment. The Company's products include industrial fluids and adhesives, tooling for specialty applications, welding products, and quality measurement equipment and systems. Illinois Tool Works operates worldwide.

SmarTrend recommended that subscribers consider buying shares of Illinois Tool Wo on June 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $147.26. Since that recommendation, shares of Illinois Tool Wo have risen 3.3%. We continue to monitor ITW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle illinois tool wo

Ticker(s): ITW