Though in the midst of a 4 day uptrend, gaining a total of 4.8%, ($2.71), Yesterday's session suggests run might be coming to an end — the chemical products and ammunition manufacturer has recovered almost all of its session losses after dipping down to $54.08 yesterday.
Amid the market gloom, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. Fresh CFTC Gold speculative net positions data from United States came out at 179,800. United States CFTC Nasdaq 100 speculative net positions came out at 20,000.
Olin Corporation made an initial break below its 200 day Simple Moving Average at $54.47, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $54.5 currently serving as support. If price action breaks below, the next Fib hurdle is $53.71. Olin's upper Bollinger Band® is at $55.8 which indicates a further downward move may follow. In contrast, Olin could begin to recover as it approaches significant support, now 33 cents away from $53.79. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Olin.
On the other hand, positive performances could be seen by looking at other materials stocks as Linde added 0.9% to its value, and traded at $371.49. Rio Tinto gained 0.48%, as it traded at $62.22.
Trending downwards for around a month. The chemical products and ammunition manufacturer has shed 10.48% over the past three months.