After closing the previous trading day at $580.34, W. W. Grainger is up to $581.65, which makes for a move of 0.23%/$1.31 today.
United States Crude Oil Inventories data will be released today at 15:30 UTC, with an expected improvement to -3.31 million (previous figure was -12.58 million).
At the same time, United States Unit Labor Costs (QoQ) (Q3) came out at 2.4, while a consensus of analysts was expecting 3.1. United States Nonfarm Productivity (QoQ) (Q3) released today at 13:30 UTC with a figure of 0.8, while the previous figure was 0.3. Fresh API Weekly Crude Oil Stock data from United States came out at -6.43 million.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that W. W. Grainger's lower Bollinger Band® is at $576.84, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates W. W. Grainger will remain range-bound for the immediate future.
A look at other industrials stocks also shows bullish price action as Union Pacific is up 1.45%. United Parcel Service is up 0.31%. Lockheed Martin added 0.32% to its value, now trading at $485.56.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million. It previously stood at -12.58 million; data will be released today at 15:30 UTC.
Furthermore, the market is looking at United States Initial Jobless Claims projected to come out at 230,000 — worse than previous data of 225,000; data will be released tomorrow at 13:30 UTC.
The stock has been trending positively for about 2 months. The industrial supplier is now trading 4.61% below the significant high of $608.38 it set around 27 days ago.