Illinois Tool Works Inc. was reviewed on March 28 when I wrote that "The charts and indicators of ITW are not telling me a bullish story. Traders and investors should defer purchases."
Prices weakened into an early June low but now prices are knocking on making new 52-week highs. Let's check out the latest charts and indicators.
In this daily bar chart of ITW, below, I can see that prices made lows in July and October. Prices tested the rising 200-day moving average line in late May/early June. Prices also trade above the rising 50-day moving average line. The trading volume shows more activity since February.
The On-Balance-Volume (OBV) line shows a rising pattern from October. The trend-following Moving Average Convergence Divergence (MACD) oscillator is above the zero line but narrowing.