In the daily bar chart of ITW, below, we can see a downtrend in place from late January. Both the short-term 50-day moving average line and the longer 200-day moving average line are in downtrends.
The daily On-Balance-Volume (OBV) line is pointed down and tells us that sellers are more aggressive. The trend-following Moving Average Convergence Divergence (MACD) oscillator is bearish and pointed lower.
In the weekly bar chart of ITW, below, there are more signs of weakness. Prices are below the declining 40-week moving average line.
The weekly OBV line has begun to weaken after a long rise and the MACD oscillator is in a sell mode.
In this Point and Figure chart, below, we can see a downside price target of $94 or so.
Bottom-line: With plenty of sell signals on ITW I would look for further price weakness. Bounces are likely to be weak and short-lived. My potential price targets are $100 and then $94.