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March 04, 2023
Yesterday at a glance: after ending Thursday's session at $48.73, Sealed Air went up to $49.44 yesterday only to fall back and close at $49.12.
Meanwhile, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 128,800, while the previous figure was 160,300.
Sealed Air Corp made an initial breakout above its 10 day Simple Moving Average at $49.2, a potential indicator of a newly emerging bullish phase. Despite this, Sealed Air is 33 cents away from testing key resistance at $49.45. Peaking above this level could inspire market bulls and open the path to further gains.
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 Amazon was up 3%. Walt Disney was up 2.24%. Toyota was up 1.86%.
Pointing downwards for around 29 days. The Cryovac and Bubble Wrap developer has fallen back around 30.55% from the significant high of $70.17 set 11 months ago.
