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May 14, 2023On a 7 day uptrend, Friday's session put the brakes on the ongoing uptrend — without a clear direction, W. W. Grainger closed at $684.62 while ranging between $677.63 and $691.34.
W W Grainger Inc made an initial break below its 10 day Simple Moving Average at $683.55, a possible indication of a forthcoming negative trend. W. W. Grainger's upper Bollinger Band® is at $700.07, suggesting that a downward move may follow. On the other hand, note that after reaching the $677.72 support zone, W. W. Grainger bounced and climbed $6.9 above it.
Despite the market lacking direction, technical chart analysis strongly suggests W. W. Grainger is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other industrials stocks as General Electric went down to $98.8, losing 0.71% after it closed at $99.51 Friday. Raytheon Technologies traded at $96 after closing Friday's trading day at $95.54 (up 0.47%).
The stock has been trending positively for about a month. The industrial supplier has managed to gain 23.16% so far this year despite trading at lows around $442.09 previously.
