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June 15, 2023
Today at a glance: bullish sentiment helped the chemical products and ammunition manufacturer to hammer out a noteworthy $51.31 to $52.61 range today, and finally closing at $52.42 to end the session.
Olin's uptick comes amid good United States macroeconomic data released during the day — data from United States concerning Retail Sales was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.4% to 0.3% this month.
On the flip side, United States Initial Jobless Claims fell short of the 250,000 projections, with new data of 262,000.
At the same time, United States Philadelphia Fed Manufacturing Index (Jun) released today at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
Olin Corporation made an initial breakout above its 21 day Simple Moving Average at $51.67, a potential indicator of a newly emerging bullish phase. In contrast, Olin could be slowing down soon as it approaches resistance at $52.92. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, Olin might continue its downtrend in the short term.
This rally in Olin's share price coincided with other materials stocks as BHP Billiton added 2% to its value, and traded at $63.98. Rio Tinto was up 1.62%. Linde was up 0.57%.
Having soared to a high of $64.59 approximately 4 months ago, the chemicals and ammo distributor is now trading 19.97% lower.
