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June 26, 2023Friday at a glance: Olin ended Thursday at $47.67. Friday it went up to $48.35 only to drop back, yet still managed to close at $48.24.
Olin Corporation made an initial breakout above its 3 day Simple Moving Average at $48.3, a potential indicator of a newly emerging bullish phase. Olin is currently trading around the $47.31 Fibonacci resistance level. Olin's lower Bollinger Band® is at $46.65, indicating that the market is oversold and fertile for new buyers. Despite this, Olin is 56 cents away from testing key resistance at $48.8. Peaking above this level could inspire market bulls and open the path to further gains.
Olin continues to move higher with technical analysis indicating the trend will continue in the short term.
Olin went up Friday, yet these materials stocks did not follow — BHP Billiton closed at $59.31 (down 2.61%). Rio Tinto went down to $63.5, losing 2.46% after it closed at $65.1 Friday. Linde closed at $370.59 (down 0.55%).
Friday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released tomorrow at 14:00 UTC.
Also worthy of note, United States Building Permits is scheduled for tomorrow at 12:00 UTC. United States New Home Sales (May) scheduled to come out tomorrow at 14:00 UTC.
4 months ago the chemical products and ammunition manufacturer reached a significant high of $64.59 but has consequently lost 26.2% since then.
