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February 28, 2023
Having lost $2.96 over 10 days, A slight improvement can be seen from yesterday's session: Olin spiked to $60.45 yesterday and consolidated before initiating a fresh rally to $59.68. This comes following Friday's session in which it closed at $59.67.
United States Consumer Confidence is next today at 15:00 UTC.
Olin's state is reflected by market data as highly important Pending Home Sales data from United States beat analyst expectations of 1% with a reading of 8.1%. United States Core Durable Goods Orders improved upon its previous reading of -0.4% with a new data release of 0.7%. United States Core Durable Goods Orders fell short of the -4% projections, with new data of -4.5%.
Olin Corporation is approaching key support, around 38 cents away from $59.3. 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. Olin made an initial breakout above its 5 day Simple Moving Average at $60.35, a potential indicator of a newly emerging bullish phase. Olin's upper Bollinger Band® is at $64.49 and the lower is $58.76.
Overall, looking at the technical analysis landscape, it seems Olin might be pointing upward in the short term.
Meanwhile, mixed performances were seen by other materials stocks as Linde draws back 0.91% yesterday to close at $347.66.
Data to be released today might clear up some of the market fog as United States Crude Oil Inventories expected to decline to 440,000 while its preceding data was 7.65 million, data will be available tomorrow at 15:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published today at 15:00 UTC. United States ISM Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
This year has been a bright one for the chemicals and ammo distributor after trading as low as $42.21 and going on to appreciate by 13.96% year to date.
