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

By Amy Schwartz

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. Yesterday's price range of $188.14 and $189.90 is within the prior day'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.

In the past 52 weeks, Illinois Tool Wo share prices have been bracketed by a low of $136.92 and a high of $190.85 and closed yesterday at $189.58, 38% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.7%.

Illinois Tool Wo (NYSE:ITW) is currently priced 10.5% above its average consensus analyst price target of $169.73. Illinois Tool Wo shares have support at the 50-day moving average (MA) of $180.53 and additional support at the 200-day MA of $162.03.

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 is tracking the current trend status for Illinois Tool Wo and will alert subscribers who have ITW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle illinois tool wo

Ticker(s): ITW