Stable at $604.25 and still trending upwards, Friday's session put the brakes on the ongoing uptrend — without a clear direction, W. W. Grainger closed at $604.25 while ranging between $601.26 and $608.16.
W W Grainger Inc's upper Bollinger Band® is at $610.68, suggesting that a downward move may follow. On the other hand, note that W. W. Grainger is approaching key support, around $3.38 away from $600.87. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests W. W. Grainger is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other industrials stocks as Boeing traded at $178.36 after closing Friday's trading day at $174.85 (up 2%). Deere & Company was up 0.9%.
The stock has been trending positively for about a month. Having set a significant low of $442.09 5 months ago, the industrial supplier is trading 36.7% higher.