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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. Today's price range of $115.18 and $116.07 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. 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.

Illinois Tool Works (NYSE:ITW) is currently priced 15.7% above its average consensus analyst price target of $97.77. The stock should discover initial support at its 50-day moving average (MA) of $101.50 and subsequent support at its 200-day MA of $91.78.

In the past 52 weeks, shares of Illinois Tool Works have traded between a low of $78.79 and a high of $123.50 and are now at $115.96, which is 47% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.7%.

SmarTrend recommended that subscribers consider buying shares of Illinois Tool Works on July 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $107.59. Since that recommendation, shares of Illinois Tool Works have risen 6.9%. We continue to monitor ITW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Illinois Tool Works

Ticker(s): ITW