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February 22, 2023
A quick look at yesterday: after closing the previous trading day at $61.25 and dropping to $60.03, the chemical products and ammunition manufacturer closed yesterday at $60.48. By the end of the session, Olin gave up a total of 1.26%.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Despite being in the red so far in the current trading session, Olin Corporation peaked above its 21 day Simple Moving Average around $61.03 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $58.35, a low enough level to, generally, suggest that Olin is trading below its fair value. Although Olin is down today and was as low as $60.03, it seems to be recovering slightly and climbing away from the $59.9 support line and is now 58 cents above it.
Technical analysis indicates that Olin (currently on a downtrend) might reverse course and start pointing upward in the short term.
On the other hand, positive performances could be seen by looking at other materials stocks as Linde traded at $324.56 after closing yesterday's trading day at $321.52 (up 0.95%). Rio Tinto was up 1.26%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
The stock has been trending positively for about 2 months. The chemicals and ammo distributor has managed to gain 15.26% so far this year despite trading at lows around $42.21 previously.
