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June 14, 2023
Yesterday at a glance: after closing at $38.88 on Monday, Sealed Air maintained a strong bullish bias that helped the stock close higher at $39.51 yesterday. However, market bears ensured the the packaging company topped out at $39.78 and that by the end of the session, the market had marked out a distinct $38.73 to $39.78 range.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected decline to -0.1%.
Meanwhile, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 4%, while a consensus of analysts was expecting 4.1%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
Sealed Air Corp made an initial breakout above its 10 day Simple Moving Average at $39.14, a potential indicator of a newly emerging bullish phase. In contrast, Sealed Air could be slowing down soon as it approaches resistance at $39.95. Of course, crossing it might suggest further gains are ahead.
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 showed bullish price action as Toyota traded at $158.08 after closing yesterday's trading day at $149.59 (up 5.68%). Tesla gained 3.55%, as it traded at $258.71. Lowe's gained 1.87%, as it traded at $217.35.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released today at 14:30 UTC.
Also worthy of note, projections for United States Producer Price Index are set for a continuation of decline with -0.1% while previous data was 0.2%; data will be released today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 0.4%.
Sealed Air hit a significant low of $37.85 around 14 days ago, but has since recovered 2.72%.
