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March 11, 2023
A quick look at yesterday: a tough session dominated by bearish sentiment left Olin $1.72 lower, while setting a $52.12 to $54.61 session range.
Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – data for United States Non Farm Payrolls released yesterday at 13:30 UTC is better than expected with 311,000, but worse than previous figure of 504,000.
Amid the market gloom, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Olin Corporation made an initial break below its 200 day Simple Moving Average at $54.22, a possible indication of a forthcoming negative trend. On the other hand, note that Olin could begin to recover as it approaches significant support, now $1.19 away from $52. Dipping below could be an indication that further losses are ahead. Olin's lower Bollinger Band® is at $53.49, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Olin.
Olin was not the only decliner in the materials sector; Linde stumbles 1.27% yesterday to close at $345.92. BHP Billiton withdraws 1.02% yesterday to close at $60.73. Rio Tinto goes down 1% yesterday to close at $68.22.
Pointing downwards for around a month. Having set a significant low of $42.21 5 months ago, the chemicals and ammo distributor is trading 30.11% higher.
