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April 25, 2023
Yesterday at a glance: an influx of buyers helped the chemicals and ammo distributor to end the session higher around $56.62, while establishing a $55.5 to $56.64 session range yesterday.
Trend-following investors would be interested to note that Olin Corporation made an initial breakout above its 50 day Simple Moving Average at $56.59, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $56.38 by around 24 cents with prices hammering out a $55.5 – $56.64 session range. Asset volatility analysis shows that Olin's upper Bollinger Band® is at $58.58, this is a slight indication of a slowdown. A study of Olin's historical price actions shows Olin could be slowing down soon as it approaches resistance at $57. Of course, crossing it might suggest further gains are ahead.
All in all, the technical analysis suggests Olin has no clear-cut direction.
A look at other materials stocks also showed bullish price action as Linde was up 0.49%. BHP Billiton was up 0.63%.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million, having previously been at -4.58 million. The figure will be published tomorrow at 14:30 UTC.
Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of -0.1%.
Furthermore, the market is looking at United States Building Permits is expected today at 13:30 UTC.
The stock has been trending positively for about a month. Having set a significant low of $42.21 6 months ago, the chemical products and ammunition manufacturer is trading 31.77% higher.
