Bullish phase under threat as Olin stays range-bound

While Olin is on an 11 day bullish trend, Thursday's session put the brakes on the ongoing uptrend — after ending Thursday at $56.62, the chemicals and ammo distributor recovers back to $56.5 after dipping down to $55.75 earlier today.

Olin Corporation is oscillating around the $55.97 level serving as support. Olin made an initial breakout above its 3 day Simple Moving Average at $56.28, a potential indicator of a newly emerging bullish phase. In contrast, Olin's upper Bollinger Band® is at $57.6, suggesting that a downward move may follow.

With market volatility ebbing, the current technical outlook indicates Olin will break higher above its recent ranges in the immediate future.

Meanwhile, mixed performances were seen by other materials stocks as BHP Billiton withdraws 1.12% Thursday to close at $60.64. Linde traded at $356.58 after closing Thursday's trading day at $355.61 (up 0.27%).

The chemicals and ammo distributor is now trading 34.14% above the significant low ($42.21) it slumped to 6 months ago.