Analysis Summary For Illinois Tool Works Inc. (ITW)
Analysis Date: August 4th, 2023
Time Target: January 6th, 2024 (+/- 5 trading days)
Price Target: $282 (+/- $2)
Projected Move: 30% drop by December, 2024 (~10 months)
Our work shows that ITW will experience about 30% drop between January of 2024 and December of 2024.
Trading Recommendation:
A short position should be put around $282 (+/- $2) which is expected to happen near January 6th, 2024. A stop loss should be placed at $290. If ITW pushes higher than this level, the overall forecast will fail. About 30% decrease should follow within 10 months into December of 2024.
A more detailed analysis will be available as we get closer to the January turning point.
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