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April 14, 2023
Marginally higher but lacking a clear-cut direction, W. W. Grainger is trading at $651.55 after ranging between $645.65 and $659.46 today.
W. W. Grainger's uptick comes amid disappointing United States macroeconomic data released during the session – United States Core Retail Sales published today at 12:30 UTC came out at -0.8%, falling short of the -0.3% projections and continuing its decline from the previous 0% figure. Following a previous reading of -0.2%, Retail Sales in United States released today at 12:30 UTC fell short of the -0.4% figure expected by analysts with an actual reading of -1%. Highly important Producer Price Index data from United States beat analyst expectations of 0.1% with a reading of -0.5%.
W W Grainger Inc made an initial breakout above its 10 day Simple Moving Average at $658.78, a potential indicator of a newly emerging bullish phase. Crossed the $647.63 Fibonacci level, next level is at $678.28. W. W. Grainger's lower Bollinger Band® is at $637.3, indicating that the market is oversold and fertile for new buyers. Despite this, after reaching the known resistance zone beginning at $656.64, W. W. Grainger price action retreated approximately $5.09.
Overall, looking at the technical analysis landscape, it seems W. W. Grainger might continue pointing upwards in the short term.
This rally in W. W. Grainger's share price coincides with other industrials stocks as United Parcel Service is up 0.58%.
While W. W. Grainger is higher so far today, these industrials stocks are struggling: Boeing is down to $201.42, losing 5.7%, after ending yesterday at $213.59. Lockheed Martin is down 1% from the beginning of the session and now trades around $487.19.
Trending downwards for around a month. US-based industrial supply company W.W. Grainger, reached a significant high of $700.4 around a month ago but has lost 7.67% since then.
