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February 27, 2023
A quick look at today: after ending Friday at $49.06, Sealed Air went up to $50.15 only to drop back, yet still traded well overall and closed at $49.5 today.
New United States Pending Home Sales improved upon the previous 1.1% figure while also exceeding analyst expectations with a reading of 8.1%.
Sealed Air's uptick comes amid good United States macroeconomic data released during the day — highly important Pending Home Sales data from United States beat analyst expectations of 1% with a reading of 8.1%. United States Core Durable Goods Orders improved upon its previous reading of -0.4% with a new data release of 0.7%.
At the same time, Core Durable Goods Orders in United States fell short of market expectations (-4%) with a reading of -4.5%, continuing the decline from the previous figure of 5.1%.
Sealed Air Corp made an initial breakout above its 10 day Simple Moving Average at $49.77, a potential indicator of a newly emerging bullish phase. Despite this, Sealed Air is $1.13 away from testing key resistance at $50.63. 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.
This rally in Sealed Air's share price coincided with other consumer discretionary stocks as Tesla gained 5.46%, as it traded at $207.63. Lowe's was up 1.34%. Pinduoduo was up 2.72%.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.
The Cryovac and Bubble Wrap developer has recovered 18.47% since descending to a significant low of $41.41 around 3 months ago.
