Olin closes at $51.35 after gaining 6.16%

Friday at a glance: after closing Thursday at $48.37, Olin closed at $51.35 Friday after climbing to $51.85 and dropping back down.

United States Services PMI is next today at 13:45 UTC.

Olin Corporation made an initial breakout above its 10 day Simple Moving Average at $51.46, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $50.83 by around 52 cents with prices hammering out a $49.34 – $51.85 session range. Despite this, although Olin is appreciating today after rising as high as $51.85, price action is now slowing and consolidating around $1 below the $52.36 resistance level.

Overall, looking at the technical analysis landscape, it seems Olin might continue pointing upwards in the short term.

This rally in Olin's share price coincided with other materials stocks as BHP Billiton traded at $58.72 after closing Friday's trading day at $56.39 (up 4.13%). Rio Tinto added 3.49% to its value, and traded at $63.17. Linde gained 1.4%, as it traded at $360.47.

Furthermore, the market is looking at United States Services PMI figure is projected at 55.1. It previously stood at 53.6; data will be released today at 13:45 UTC. United States ISM Non-Manufacturing PMI (May) will be released today at 14:00 UTC. United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.

The chemicals and ammo distributor is now trading 15.47% below its 3-month high of $66.