Friday Olin increased by 1.34%, ended the session at $55.4

Friday at a glance: after ending Thursday at $54.67, Olin went up to $56.05 only to drop back, yet still traded well overall and closed at $55.4 Friday.

Olin Corporation could be slowing down soon as it approaches resistance at $56.98. Of course, crossing it might suggest further gains are ahead. Despite posting gains on Friday, Olin slid below its 200 day Simple Moving Average at $54.07 during the last session — an early indicator that a negative trend could be emerging. Despite this, Olin is currently trading around the $55.2 Fibonacci resistance level. Olin's lower Bollinger Band® is at $53.86, indicating that the market is oversold and fertile for new buyers.

Technical analysis of Olin price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.

This rally in Olin's share price coincided with other materials stocks as Linde traded at $369.45 after closing Friday's trading day at $365.64 (up 1.04%). Rio Tinto traded at $64 after closing Friday's trading day at $63.7 (up 0.46%).

The market is looking forward to the release of new data: United States ISM Manufacturing PMI (Apr) will be released tomorrow at 14:00 UTC.

The chemical products and ammunition manufacturer has shed 11.82% over the past three months.