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May 31, 2023
A quick look at yesterday: after closing the previous trading day at $664.23 and dropping to $652.31, US-based industrial supply company W.W. Grainger, closed yesterday at $654.06. By the end of the session, W. W. Grainger gave up a total of 1.53%.
United States JOLTs Job Openings (Apr) is next today at 14:00 UTC.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – highly important Consumer Confidence data from United States beat analyst expectations of 99 with a reading of 102.3.
Amid the market gloom, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) released yesterday at 13:00 UTC with a figure of -1.1, while the previous figure was 0.4.
W W Grainger Inc made an initial break below its 5 day Simple Moving Average at $662.27, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $659.67 by around $5.61 with prices hammering out a $652.31 – $665.49 range by session close. Despite this, W. W. Grainger could begin to recover as it approaches significant support, now $4.63 away from $649.43. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $650.26, a low enough level to, generally, suggest that W. W. Grainger is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for W. W. Grainger.
W. W. Grainger was not the only decliner in the industrials sector; Deere & Company went down to $350.63, losing 1.84% after it closed at $357.21 yesterday. United Parcel Service went down to $169.76, losing 1.05% after it closed at $171.57 yesterday.
On the other hand, positive performances could be seen by looking at other industrials stocks as Union Pacific traded at $194.2 after closing yesterday's trading day at $191.8 (up 1.25%).
Looking ahead, ongoing depreciation may be prolonged as projections for United States Initial Jobless Claims are set for a continuation of decline with 235,000 while previous data was 229,000; data will be released tomorrow at 12:30 UTC.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.
Furthermore, United States ADP Nonfarm Employment Change (May) is scheduled for tomorrow at 12:15 UTC.
On a negative trend for around a month. This year has been a bright one for US-based industrial supply company W.W. Grainger, after trading as low as $442.09 and going on to appreciate by 17.33% year to date.
