A quick look at Friday: after closing Friday at $571.79, the industrial supplier peaked at $573.72 before giving up early gains and closing at $571.79.
Concerning technical analysis and more specifically, trend indicators, W W Grainger Inc made an initial breakout above its 10 day Simple Moving Average at $567.55, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that W. W. Grainger's upper Bollinger Band® is at $583.69, this is a slight indication of a slowdown. A study of W. W. Grainger's historical price actions shows W. W. Grainger could be slowing down soon as it approaches resistance at $575.26. Of course, crossing it might suggest further gains are ahead.
Notwithstanding W. W. Grainger's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in W. W. Grainger's share price coincided with other industrials stocks as United Parcel Service added 1.33% to its value, and traded at $182.09. Caterpillar was up 0.92%.
W. W. Grainger went up Friday, yet these industrials stocks did not follow — Raytheon Technologies retreats 0.65% Friday to close at $100.25.
Friday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Consumer Confidence is projected to outperform its last figure with 109, having previously been at 108.3. The figure will be published tomorrow at 15:00 UTC.
This year has been a bright one for US-based industrial supply company W.W. Grainger, after trading as low as $442.09 and going on to appreciate by 2.89% year to date.