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February 28, 2023
A quick look at today: pronounced bearish market sentiment ensured that the industrial supplier made a notable 0.98% loss today, declining $6.57 and ultimately closing at $668.43.
United States's Consumer Confidence new data released of 102.9 below its previous figure.
Consumer Confidence in United States fell short of market expectations (108.5) with a reading of 102.9, continuing the decline from the previous figure of 106.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Pending Home Sales came out at 8.1%, better than analyst estimates of 1% and improving upon the previous reading of 1.1%. United States Core Durable Goods Orders improved upon its previous reading of -0.4% with a new data release of 0.7%.
Today's price action generated a Japanese candlestick pattern showing 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. W. W. Grainger chart analysis: W. W. Grainger could begin to recover as it approaches significant support, now $4.34 away from $664.09. Dipping below could be an indication that further losses are ahead.
W. W. Grainger was not the only decliner in the industrials sector; Union Pacific lost 2.3% today and closed at $207.28. Raytheon Technologies went down to $98.09, losing 1.08% after it closed at $99.16 today.
On the other hand, positive performances could be seen by looking at other industrials stocks as Boeing was up 0.54%.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at 457,000 — worse than previous data of 7.65 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States ISM Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
The stock has been trending positively for about a month. The industrial supplier has gained 20% since its lowest print of $442.09 earlier this year.
