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March 06, 2023
W. W. Grainger lost $4.68 and now trades at $704.4, following an impressive jump to $709.08 Friday — a significant recent high.
Meanwhile, data for United States Factory Orders released today at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. On the other hand, note that W. W. Grainger price action is currently oscillating around the $705.35 resistance level with prices moving above and below several times during the session. W. W. Grainger's upper Bollinger Band® is at $696.34, this is a slight indication of a slowdown.
According to technical analysis, it looks as if W. W. Grainger likely to continue pointing upward in the short term.
This rally in W. W. Grainger's share price coincides with other industrials stocks as Raytheon Technologies is trading at $99.49 after ending Friday's session at $99 (up 0.47%). Honeywell International is up 0.49%.
Meanwhile, after closing the previous session (Friday) at $215.11, Boeing lost $4.04 and is trading around $211.07.
Elsewhere, United States Fed Chair Powell testimony set for tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.
The stock has been trending positively for about 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 25.48% year to date.
