Nov. 14 at 3:02 AM
$ITW is currently trading at
$245.29, with an RSI of 48.64 indicating a neutral momentum. The 30-day moving average (MA30) at
$248.3 is above the current price, suggesting a bearish short-term trend. The 50-day moving average (MA50) at
$253.87 further confirms this bearish sentiment, as it is also above the current price. The price is within the 60-day high of
$270.74 and low of
$240.52, indicating a potential range-bound scenario.
For a trade plan, consider entering a short position below the 60-day low of
$240.52, targeting a move towards
$235 as the first target and
$230 as a second target. Set a stop-loss above the MA30 at
$250 to manage risk. Alternatively, if the price breaks above the MA30, consider a long position with targets at
$253 and
$260, placing a stop-loss below
$245.
Monitor market conditions closely for volatility given the ATR of 3.77.
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