Illinois Tool Works Inc. manufactures and sells industrial products
and equipment worldwide. It operates through seven segments: Automotive
OEM; Test & Measurement and Electronics; Food Equipment; Polymers
& Fluids; Welding; Construction Products; and Specialty Products.
The Automotive OEM segment produces components and fasteners for
automotive-related applications. The Test & Measurement and
Electronics segment provides equipment, consumables, and related
software for testing and measuring of materials and structures, as well
as equipment and consumables used in the production of electronic
subassemblies and microelectronics. The Food Equipment segment offers
commercial food equipment and related services. The Polymers &
Fluids segment produces adhesives, sealants, lubrication and cutting
fluids, janitorial and hygiene products, and fluids and polymers for
auto aftermarket maintenance and appearance. The Welding segment
produces arc welding equipment, consumables, and accessories for various
industrial and commercial applications. The Construction Products
segment produces construction fastening systems and truss products. The
Specialty Products segment provides beverage packaging equipment and
consumables, product coding and marking equipment and consumables, and
appliance components and fasteners. The company distributes its products
directly to industrial manufacturers, as well as through independent
distributors.
Take a look at the 1-year chart of Illinois (NYSE: ITW) below with the added notations:
ITW rallied in October and November, traded sideways for two months,
and then rallied to new highs again. In addition, over the lat 6 months
the $96 price level (blue) has become very important to the stock. Not
only was $96 a key resistance in December, as well as support in March
and April, but that level has also been a recent resistance in the
beginning of May.
The Tale of the Tape: ITW has a key level at $96. A
trader could enter a long position on a pullback down to $96 with a stop
placed under the level. However, if the stock were to break back below
$96, a short trade could be made instead.
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