Investors are currently sidelined due to the Good Friday holiday but will return to their desks Monday. Looking back over the previous session yesterday: an influx of sellers pushed US-based industrial supply company W.W. Grainger, to session lows around $637.42 while establishing a $637.42 to $648.57 session range yesterday.
Data from United States concerning Non Farm Payrolls was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 326,000 to 236,000 this month. Highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 228,000.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Unemployment Rate beat the 3.6 projections, with 3.5.
Trend analysis indicates that 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. Analysis based on the asset volatility indicates that W. W. Grainger's lower Bollinger Band® is at $642.09, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Visual analysis of W. W. Grainger's chart shows that W. W. Grainger could begin to recover as it approaches significant support, now $5.13 away from $636.53. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates W. W. Grainger will remain range-bound for the immediate future.
W. W. Grainger was not the only decliner in the industrials sector; Caterpillar went down 2.04%, closed at $213.53. Deere & Company went down 1.12%, closed at $373.82.
On the other hand, positive performances could be seen by looking at other industrials stocks as Union Pacific gained 2.28%, as it traded at $198.64.
On a negative trend for around 29 days. 30 days ago US-based industrial supply company W.W. Grainger, reached a significant high of $700.4 but has consequently lost 7.73% since then.