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April 28, 2023
The Cryovac and Bubble Wrap developer closed yesterday at $47.08. Today, it went up to $48.16 only to drop back, but is still positive overall — trading around $47.8.
Nevertheless, Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%. Highly important GDP data from United States beat analyst expectations of two with a reading of 1.1.
At the same time, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Price action overcame a known Fibonacci resistance level at $47.44 by around 36.78 cents with prices hammering out a $47.21 – $48.16 session range. Sealed Air has crossed the upper Bollinger Band® at $47.8, a potential sign that further gains are to follow. Sealed Air reversed direction at $47.55 resistance zone and retreated back 26 cents below it.
Overall, looking at the technical analysis landscape, it seems Sealed Air might continue pointing upwards in the short term.
A look at other consumer discretionary stocks also shows bullish price action as Walt Disney is up 2.43%. Home Depot is up 1.77%.
While Sealed Air is higher so far today, these consumer discretionary stocks are struggling: Amazon is down to $106.14, losing 3.35%, after ending yesterday at $109.82.
The stock has been trending positively for about a month. The packaging company has shed 12.1% over the past three months.
