Company: Illinois Tool Works Inc.
Ticker: ITW
Exchange: NYSE
Sector: Industrials
Introduction:
In this analysis, we are looking at Illinois Tool Works Inc. (ITW) on the NYSE, a noteworthy name in the industrials sector. The weekly chart suggests a possible bullish continuation in the form of a classic Cup and Handle pattern that has been forming for the past 608 days.
Cup and Handle Pattern:
The Cup and Handle is a bullish continuation or reversal pattern that depicts a teacup with a handle on the right side. It's characterized by a rounded bottom followed by a minor pullback, forming the handle.
Analysis:
The previous trend for ITW was upward, which was interrupted by a consolidation phase that materialized as a Cup and Handle pattern, potentially indicating a continuation of the bullish trend. The so-called "lip" or the horizontal resistance of the pattern is at 248.68.
The price is well above the 200-day exponential moving average (EMA), underlining our bullish sentiment. As we observe the current candle's behavior, it appears that we might achieve a close above the lip. A successful candle closure above this resistance could pave the way for a long position.
Conclusion:
In the event of a successful breakout, the price target would be projected at 515.51, corresponding to an estimated rise of about 30%.
Remember, this analysis should be one component of a broader market research and risk management strategy, and it's not intended as direct trading advice.
If you found this analysis helpful, please consider liking, sharing, and following for more insights. Here's to successful trading!
Best regards,
Karim Subhieh
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always conduct your own research and consult with a financial advisor before making investment decisions.
Ticker: ITW
Exchange: NYSE
Sector: Industrials
Introduction:
In this analysis, we are looking at Illinois Tool Works Inc. (ITW) on the NYSE, a noteworthy name in the industrials sector. The weekly chart suggests a possible bullish continuation in the form of a classic Cup and Handle pattern that has been forming for the past 608 days.
Cup and Handle Pattern:
The Cup and Handle is a bullish continuation or reversal pattern that depicts a teacup with a handle on the right side. It's characterized by a rounded bottom followed by a minor pullback, forming the handle.
Analysis:
The previous trend for ITW was upward, which was interrupted by a consolidation phase that materialized as a Cup and Handle pattern, potentially indicating a continuation of the bullish trend. The so-called "lip" or the horizontal resistance of the pattern is at 248.68.
The price is well above the 200-day exponential moving average (EMA), underlining our bullish sentiment. As we observe the current candle's behavior, it appears that we might achieve a close above the lip. A successful candle closure above this resistance could pave the way for a long position.
Conclusion:
In the event of a successful breakout, the price target would be projected at 515.51, corresponding to an estimated rise of about 30%.
Remember, this analysis should be one component of a broader market research and risk management strategy, and it's not intended as direct trading advice.
If you found this analysis helpful, please consider liking, sharing, and following for more insights. Here's to successful trading!
Best regards,
Karim Subhieh
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always conduct your own research and consult with a financial advisor before making investment decisions.
KSC
