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May 19, 2023
While W. W. Grainger is on a 3 day bullish trend, Today's session might suggest a slow down — as the session comes to an end, the industrial supplier recovers back to $679.74 after dipping down to $677.75 earlier.
W. W. Grainger is currently trading at $679.74 following the release of Fed Chair Powell speech data from the United States.
This uncertain state for W. W. Grainger is reflected by published market data as United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8. Data for United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 242,000, beating projections of 254,000 and showing improvement over the preceding figure of 264,000.
W W Grainger Inc made an initial break below its 21 day Simple Moving Average at $678.38, a possible indication of a forthcoming negative trend. On the other hand, note that W. W. Grainger is approaching key support, around $6.96 away from $672.78. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests W. W. Grainger is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other industrials stocks as Deere & Company is down to $363.52, losing 1.89%, after ending yesterday at $370.52. Boeing is down to $205.24, losing 0.97%, after ending yesterday at $207.24.
The stock has been trending positively for about a month. The industrial supplier has gained 22.19% since its lowest print of $442.09 earlier this year.
