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April 06, 2023
Yesterday at a glance: bullish sentiment helped the Cryovac and Bubble Wrap developer to hammer out a noteworthy $46.16 to $47.16 range yesterday, and finally closing at $47 to end the session.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 200,000.
Sealed Air's uptick comes amid disappointing United States macroeconomic data released during the session – United States Crude Oil Inventories fell short of the -2.33 million projections, with new data of -3.74 million.
Meanwhile, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Sealed Air's upper Bollinger Band® is at $47.12, this is a slight indication of a slowdown. A study of Sealed Air's chart reveals various key levels to watch: Sealed Air could be slowing down soon; it is getting close to the resistance line and is now at $47.38, only 39 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Notwithstanding Sealed Air's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
While Sealed Air was bullish yesterday, the following consumer discretionary stocks underperformed: Amazon drops 2.74% yesterday to close at $103.95. Nike went down to $120.9, losing 2.26% after it closed at $123.69 yesterday. Home Depot lost 2.13% yesterday and closed at $288.67.
Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 240,000 from the preceding figure of 311,000. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 198,000.
Also worthy of note, United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 12:30 UTC.
The Cryovac and Bubble Wrap developer has fallen back around 33.78% from the significant high of $69.13 set 11 months ago.
