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May 10, 2023
Yesterday at a glance: pronounced bearish market sentiment ensured that the packaging company made a notable 2% loss yesterday, declining 87 cents and ultimately closing at $42.64.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.62 million, while the previous figure was -3.94 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.
Technical analysis of Sealed Air's past price action reveals multiple support and resistance levels: Sealed Air Corp could begin to recover as it approaches significant support, now 30 cents away from $42.34. Dipping below could be an indication that further losses are ahead.
Sealed Air was not the only decliner in the consumer discretionary sector; Nike went down to $125.1, losing 1.4% after it closed at $126.88 yesterday.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Toyota was up 2.21%. Lowe's was up 1.5%.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released 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.
Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.1%; data will be released today at 12:30 UTC.
The Cryovac and Bubble Wrap developer has shed 14.54% over the past three months.
