Since the end of August, the price of ITW has zigzagged lower, breaking under the 50-day simple moving average line. The slope of the 50-day average has turned negative. The 200-day average line is still rising and below the market. The daily On-Balance-Volume (OBV) line has begun to weaken this month and tells me that sellers have become more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line, telling us the trend is down.
The signals from this weekly chart of ITW, above, are mixed. Prices are above the rising 40-week moving average line. The OBV line on this timeframe has only dipped a little and suggests that sellers of ITW are not being that aggressive. The weekly MACD oscillator has crossed to the downside above the zero line, generating a liquidate-longs sell signal.
Bottom line: I would look for ITW to dip into the $110-$105 area in the next couple of weeks.