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Possible Bullish Inside Day Candle Pattern Detected for Illinois Tool Works (NYSE:ITW)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Illinois Tool Works (NYSE:ITW) based on the price action in the company's shares. Yesterday's price range of $99.03 and $100.55 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. Traders and investors interested in shares of Illinois Tool Works may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Illinois Tool Works Inc. designs and manufactures fasteners and components, equipment and 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.

Over the past year, Illinois Tool Works has traded in a range of $78.79 to $109.54 and closed yesterday at $100.53, 28% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.2%.

Illinois Tool Works (NYSE:ITW) defies analysts with a current price ($100.53) 2.7% above its average consensus price target of $97.77. The stock should hit resistance at its 50-day moving average (MA) of $101.50, as well as support at its 200-day MA of $91.78.

SmarTrend is monitoring the recent change of momentum in Illinois Tool Works. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Illinois Tool Works in search of a potential trend change.

Keywords: bullish am inside day candle Illinois Tool Works

Ticker(s): ITW