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March 13, 2023A quick look at Friday: US-based industrial supply company W.W. Grainger, dropped 2.18% early on and traded close to the $677.88 level.
W W Grainger Inc made an initial break below its 21 day Simple Moving Average at $674.13, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $678.28 currently serving as support. If price action breaks below, the next Fib hurdle is $628.41. Despite this, W. W. Grainger could begin to recover as it approaches significant support, now $8 away from $669.89. Dipping below could be an indication that further losses are ahead.
In the short term, W. W. Grainger is expected to maintain its recent downtrend and continue spiralling lower.
W. W. Grainger was not the only decliner in the industrials sector; Caterpillar went down 5.79%, closed at $240.96. Deere & Company went down 6.05%, closed at $421.42. Union Pacific went down to $196.06, losing 1.76% after it closed at $199.57 Friday.
Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
The stock has been trending positively for about a month. The industrial supplier has managed to gain 21.36% so far this year despite trading at lows around $442.09 previously.
