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February 22, 2023
Sealed Air is in the midst of a 5 day downtrend. Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $48.55, Sealed Air is up to $48.86, which makes for a move of 0.64%/31 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. Fresh 2-Year Note Auction data from United States came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Sealed Air's lower Bollinger Band® is at $47.64, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Sealed Air is likely to remain muted for the immediate future, with no clear-cut direction.
Rallies can also be seen in other consumer discretionary stocks, Amazon is trading at $96.77 after ending yesterday's session at $94.58 (up 2.32%). Home Depot is up 1.39% to $299.62.
Also worthy of note, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.
Elsewhere, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
Having soared to a high of $70.17 approximately 10 months ago, the packaging company is now trading 30.81% lower.
