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April 19, 2023
While on a 5 day downtrend With a marginal improvement upon today's session, after ending today at $56.57, the chemical products and ammunition manufacturer recovers back to $56.52 after dipping down to $55.92 earlier today.
United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.
Uncertainty around Olin is reflected by published market data as Crude Oil Inventories in United States fell short of market expectations (-1 million) with a reading of -4.58 million, continuing the decline from the previous figure of 597,000. United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States 20-Year Bond Auction released today at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909.
Olin's notable support and resistance levels: Olin Corporation is approaching key support, around 73 cents away from $55.79. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Meanwhile, mixed performances were seen by other materials stocks as Rio Tinto retreats 1.7% today to close at $70.41. BHP Billiton lost 0.96% today and closed at $62.74.
Data to be released tomorrow might clear up some of the market fog as United States Philadelphia Fed Manufacturing Index (Apr) is expected tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 239,000.
The stock has been trending positively for about a month. The chemical products and ammunition manufacturer has recovered 34.02% since descending to a significant low of $42.21 around 6 months ago.
