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March 16, 2023Yesterday at a glance: during yesterday's session, Olin toiled and struggled for upward momentum before closing at $50.2. By the close, the the chemicals and ammo distributor suffered a $2.25 or 4.29% loss.
United States Building Permits (Feb) is next today at 12:30 UTC.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates Olin is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $51.54, a low enough level to, generally, suggest that Olin is trading below its fair value.
All in all, the technical analysis suggests Olin has no clear-cut direction.
Olin was not the only decliner in the materials sector; BHP Billiton went down to $58.18, losing 4.62% after it closed at $61 yesterday. Rio Tinto went down to $65.87, losing 5.07% after it closed at $69.39 yesterday. Linde lost 3.36% yesterday and closed at $330.93.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released today at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Mar) is expected today at 12:30 UTC. United States Building Permits (Feb) is scheduled for today at 12:30 UTC.
Trending downwards for around a month. Having set a significant low of $42.21 5 months ago, the chemical products and ammunition manufacturer is trading 24.26% higher.
