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June 29, 2023
A quick look at yesterday: a tough session dominated by bearish sentiment left Sealed Air 66 cents lower, while setting a $38.4 to $39.5 session range.
United States Fed Chair Powell speech is next today at 06:30 UTC.
Data from United States concerning Crude Oil Inventories was released yesterday at 14:30 UTC. Newly published figures emphasized continued decline from last month's figure of -3.83 million to -9.60 million this month.
Meanwhile, United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.
Despite being in the red so far in the current trading session, Sealed Air Corp peaked above its 5 day Simple Moving Average around $38.82 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $37.86, a low enough level to, generally, suggest that Sealed Air is trading below its fair value. Sealed Air could begin to recover as it approaches significant support, now 45 cents away from $38.2. Dipping below could be an indication that further losses are ahead.
Despite suffering losses in today's session, technical analysis is indicating that Sealed Air will undergo a significant bounce in the immediate term.
Sealed Air was not the only decliner in the consumer discretionary sector; Alibaba went down 2.92%, closed at $87.13. Home Depot drops 2.3% yesterday to close at $313.74.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Toyota traded at $160.11 after closing yesterday's trading day at $157.18 (up 1.86%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 266,000, following on from the preceding figure of 264,000. New data is set to be published today at 12:30 UTC.
Furthermore, United States Core PCE Price Index (MoM) (May) is scheduled for tomorrow at 12:30 UTC.
Approximately 10 months ago, the Cryovac and Bubble Wrap developer reached a significant high of $61.53 but has struggled to hold onto its gains and declined 36.11% since then.
