| 
April 26, 2023
A quick look at yesterday: an influx of sellers pushed US-based industrial supply company W.W. Grainger, to end the session lower around $671.83, while establishing a $669 to $678 session range yesterday.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to -0.2%. Potentially significant price fluctuations in W. W. Grainger are expected to follow.
United States Consumer Confidence fell short of the 104 projections, with new data of 101.3.
While price action maintains a negative bias, United States New Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000. United States Building Permits came out at 1.43 million, while a consensus of analysts was expecting 1.41 million.
W W Grainger Inc made an initial break below its 50 day Simple Moving Average at $670.05, a possible indication of a forthcoming negative trend. Having stamped out a session range of $669 to $678, Fibonacci-inclined W. W. Grainger traders were highly concentrated around active Fibonacci support at $670.8. W. W. Grainger's upper Bollinger Band® is at $688.6 which indicates a further downward move may follow. On the other hand, note that W. W. Grainger could begin to recover as it approaches significant support, now $3.96 away from $667.87. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts W. W. Grainger to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the US-based industrial supply company W.W. Grainger, is expected to attract significant bearish sentiment in the coming days.
W. W. Grainger was not the only decliner in the industrials sector; United Parcel Service lost 10% yesterday and closed at $176.29. Union Pacific went down 2.76%, closed at $200.28. Deere & Company went down to $379.47, losing 2.21% after it closed at $388.04 yesterday.
Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released today at 12:30 UTC. Tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million, having previously been at -4.58 million. The figure will be published today at 14:30 UTC.
The past 3 months have been positive for US-based industrial supply company W.W. Grainger, as it added 18.81% compared to its 3-month low of $442.09.
