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June 18, 2023$743.89 is where W. W. Grainger ended Thursday; it reached a record high of $748.76 Friday, changed by $16.33 and closed at $732.43.
Technical chart analysis shows W W Grainger Inc could begin to recover as it approaches significant support, now $6.2 away from $726.23. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, W. W. Grainger made an initial break below its 3 day Simple Moving Average at $736, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $743.89 currently serving as support. If price action breaks below, the next Fib hurdle is $707.65.
With market volatility ebbing, the current technical outlook indicates W. W. Grainger will remain range-bound for the immediate future.
W. W. Grainger was not the only decliner in the industrials sector; Caterpillar went down to $245.27, losing 0.97% after it closed at $247.67 Friday.
On the other hand, positive performances could be seen by looking at other industrials stocks as Lockheed Martin gained 0.71%, as it traded at $459.17. General Electric was up 0.83%.
US-based industrial supply company W.W. Grainger, has managed to gain 31.11% so far this year despite trading at lows around $442.09 previously.
