SHW has been tracing out a bull pennant since mid September.
Bullets: The stock has been consolidating inside last month’s range throughout October.
Solid footing in place, the 50 day moving average has held multi week lows this month.
SHW is well below overbought levels(daily MACD) despite shares sitting just below all time highs.
A close above $710.00 would mark new October highs ending the current bull pennant with an upside resolution.
On the downside, a close back below $680.00 would violate last week’s low indicating a deeper pullback may be on the way.
We are long SHW in our Tactical Opportunity Portfolio(+92% in 2020).