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July 01, 2023
W. W. Grainger retained a record high value of $795.83, then dropped $7.24 and closed at yesterday. This comes following 's session in which it closed at $782.3.
At the same time, United States Core PCE Price Index (YoY) (May) released yesterday at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC S&P 500 speculative net positions came out at -208,300.
Trend-focused traders would be interested to note that investors are seeking long positions as W W Grainger Inc price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that according to technical analysis of W. W. Grainger's Relative Strength Index (RSI), the market is currently overbought. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $800.17, thereby suggesting that W. W. Grainger is becoming overvalued. Chart analysis suggests W. W. Grainger price action is currently oscillating around the $794.31 resistance level with prices moving above and below several times during the session.
Notwithstanding W. W. Grainger's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other industrials stocks also showed bullish price action as United Parcel Service was up 1.82%. General Electric traded at $109.85 after closing yesterday's trading day at $107.74 (up 1.96%). Deere & Company traded at $405.19 after closing yesterday's trading day at $401.63 (up 0.89%).
The stock has been trending positively for about 30 days. US-based industrial supply company W.W. Grainger, has fallen back around 0.8% over the past a day, from a notable high of $788.59.
