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May 05, 2023
Yesterday at a glance: the chemicals and ammo distributor has recovered almost all of its session losses after dipping down to $53 yesterday.
Unemployment Rate data from United States will be released today at 12:30 UTC with analysts expecting a decline to 3.6. Potentially significant price fluctuations in Olin are expected to follow.
Highly important Initial Jobless Claims data from United States beat analyst expectations of 240,000 with a reading of 242,000.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.56 trillion. United States Reserve Balances with Federal Reserve Banks came out at 3.17 trillion.
Olin Corporation made an initial break below its 200 day Simple Moving Average at $54.23, a possible indication of a forthcoming negative trend. On the other hand, note that Olin's lower Bollinger Band® is at $52.7, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Although Olin is down today and was as low as $53, it seems to be recovering slightly and climbing away from the $52.94 support line and is now 66 cents above it.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Olin.
Olin was not the only decliner in the materials sector; Linde draws back 0.74% yesterday to close at $363.5.
Looking ahead, ongoing depreciation may be prolonged as today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 236,000. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released today at 12:30 UTC.
The chemicals and ammo distributor has shed 15.2% over the past three months.
