
Friday at a glance: pronounced bullish sentiment in the market helped the chemical products and ammunition manufacturer to make a notable 2.38% gain Friday, rising $1.4 and ultimately closing at $60.2.
Olin Corporation made an initial breakout above its 10 day Simple Moving Average at $59.92, a potential indicator of a newly emerging bullish phase. Olin's lower Bollinger Band® is at $58.02, indicating that the market is oversold and fertile for new buyers. Despite this, Olin could be slowing down soon; it is getting close to the resistance line and is now at $60.83, only 63 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
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 Linde traded at $362.38 after closing Friday's trading day at $351.75 (up 3.02%). Rio Tinto traded at $75.18 after closing Friday's trading day at $73.74 (up 1.95%). BHP Billiton was up 1.29%.
Trending downwards for around a month. The chemicals and ammo distributor has managed to gain 15.36% so far this year despite trading at lows around $42.21 previously.