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May 10, 2023
Olin trades at $54.41, after ending yesterday at $54.46.
- United States Crude Oil Inventories is next.
- While flat so far today, Olin is on a 4 day bullish trend, gaining a total of 86 cents throughout.
Earlier data releases related to Olin – United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released today at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
Technical analysis of Olin before macro data is released:
As the day gets underway, chart analysis suggests Olin Corporation is approaching key support, around 27 cents away from $54.14. 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. Concerning technical analysis and more specifically, trend indicators, Olin made an initial break below its 50 day Simple Moving Average at $55.05, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Olin's upper Bollinger Band® is at $57.78 and the lower is $52.84.
Overall, while Olin has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Coming up for Olin — United States Producer Price Index is projected to outperform its last figure with 0.3%, having previously been at -0.5%. The figure will be published tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000. It previously stood at -1.28 million; data will be released today at 14:30 UTC.
The chemical products and ammunition manufacturer has shed 9.07% over the past three months.
