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April 20, 2023After ending yesterday at $666.34, the industrial supplier recovers back to $665.43 after dipping down to $658.23 earlier today.
- United States Philadelphia Fed Manufacturing Index (Apr) is next.
- While flat yesterday, W. W. Grainger is on a 9 day bullish trend, gaining a total of $24.68 throughout.
Earlier data releases related to W. W. Grainger – highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -4.58 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909.
Here is the technical analysis of W. W. Grainger before macro data is released:
W W Grainger Inc is approaching key support, around $5.61 away from $659.82. 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. W. W. Grainger made an initial breakout above its 21 day Simple Moving Average at $663.85, a potential indicator of a newly emerging bullish phase.
Despite muted price action in W. W. Grainger, chart analysis indicates it is positioned for a bullish run in the short term.
Coming up for W. W. Grainger — United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out today at 12:30 UTC. United States Existing Home Sales (Mar) is expected today at 14:00 UTC.
As the markets get ready for more data to be released — Lockheed Martin goes down 1.25% yesterday to close at $501.41. United Parcel Service traded at $196.03 after closing yesterday's trading day at $194.12 (up 0.98%). Union Pacific gained 1.27%, as it traded at $202.
On a negative trend for around a month. The past 3 months have been positive for the industrial supplier as it added 21.45% compared to its 3-month low of $442.09.
