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April 15, 2023
Yesterday at a glance: the packaging company dropped 0.91% early on and traded close to the $46.61 level.
United States Core Retail Sales fell short of the -0.3% projections, with new data of -0.8%. Following a previous reading of -0.2%, Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.4% figure expected by analysts with an actual reading of -1%.
While price action maintains a negative bias, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Sealed Air Corp made an initial break below its 5 day Simple Moving Average at $46.73, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. In contrast, Sealed Air could begin to recover as it approaches significant support, now 27 cents away from $46.34. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Sealed Air to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the packaging company is expected to attract significant bearish sentiment in the coming days.
Sealed Air was not the only decliner in the consumer discretionary sector; Toyota went down to $135.96, losing 0.93% after it closed at $137.23 yesterday. Alibaba went down to $94.55, losing 1.68% after it closed at $96.17 yesterday. Walt Disney went down 0.93%, closed at $100.84.
The packaging company has shed 14.33% over the past three months.
