12/11/2010 10:06:00 AM
NEWS BRIEFS
Analyst Cautions on ITW Stock Trend

Shares of Illinois Tool Works ended the December 10 trading session lower by $0.08 or -0.16% from its previous close, TradersHuddle.com reports.
 

“Illinois Tool Works’ price action formed what is considered to be a bearish engulfing candlestick chart pattern.”
 

ITW’s current stock range is defined by calculated support defined at $45.57 and by the resistance level at $51.15.
 

“Traders wanting to establish a position in Illinois Tool Works stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Illinois Tool Works shares price action,” TradersHuddle.com reports.

“The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal.”
 

Illinois Tool Works Inc. reported Transportation segment revenue, including fasteners, rose 13.9 % for the three months ended October 31, 2010 based on “solid demand levels” in the company’s worldwide end markets.

 

Construction Products revenue, including fasteners, grew 13% during the period.  ©2010 GlobalFastenerNews.com

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Related Links:

• ITW