Bearish mood pushes Olin to session low of $49.05

Yesterday at a glance: a tough session dominated by bearish sentiment left Olin $1.4 lower, while setting a $49.05 to $50.34 session range.

United States JOLTs Job Openings (Apr) is next today at 14:00 UTC.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — data from United States concerning Consumer Confidence was released yesterday at 14:00 UTC. Newly published figures emphasized continued decline from last month's figure of 103.7 to 102.3 this month.

Meanwhile, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) released yesterday at 13:00 UTC with a figure of -1.1, while the previous figure was 0.4.

Trend-focused traders would be interested to note 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 Bollinger Bands® shows an indication of recovery: the lower band is at $49.27, a low enough level to, generally, suggest that Olin is trading below its fair value. Olin chart analysis: Olin could begin to recover as it approaches significant support, now 47 cents away from $48.71. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests Olin has no clear-cut direction.

Olin was not the only decliner in the materials sector; BHP Billiton closed at $55.82 (down 1.5%). Linde went down 0.36%, closed at $356.21.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 235,000, following on from the preceding figure of 229,000. New data is set to be published tomorrow at 12:30 UTC.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.

Furthermore, United States ADP Nonfarm Employment Change (May) is scheduled for tomorrow at 12:15 UTC.

Pointing downwards for around a month. The chemicals and ammo distributor has shed 14.49% over the past three months.