W. W. Grainger retained a record high value of $604.9, then dropped $13.9 and closed at yesterday. This comes following 's session in which it closed at $600.66.
United States Core Consumer Prices is next today at 13:30 UTC.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Crude Oil Inventories beat the 1.36 million projections, with 3.92 million.
Amid the market gloom, United States 10-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.14, while the previous figure was 3.93. Fresh Cushing Crude Oil Inventories data from United States came out at -923,000.
W W Grainger Inc made an initial break below its 5 day Simple Moving Average at $593.61, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $592.7 currently serving as support. If price action breaks below, the next Fib hurdle is $560.8. On the other hand, note that W. W. Grainger could begin to recover as it approaches significant support, now $4.81 away from $586.2. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting W. W. Grainger to extend its recent losses.
W. W. Grainger was not the only decliner in the industrials sector; United Parcel Service lost 2.83% yesterday and closed at $164. Lockheed Martin falls 1.81% yesterday to close at $494.12. Deere & Company descends 1.85% yesterday to close at $404.57.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 220,000 from the preceding figure of 217,000.
Furthermore, United States Consumer Price Index is expected today at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.5%. It previously stood at 0.6%; data will be released today at 13:30 UTC. United States Consumer Price Index is expected today at 13:30 UTC.
The stock has been trending positively for about a month. W. W. Grainger is up 35.87% from the significant low of $442.09 it hit 4 months ago.