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March 09, 2023
A quick look at yesterday: after closing at $47.29 on Tuesday, Sealed Air maintained a strong bullish bias that helped the stock close higher at $47.57 yesterday. However, market bears ensured the the packaging company topped out at $47.58 and that by the end of the session, the market had marked out a distinct $46.98 to $47.58 range.
United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.
On the flip side, United States Crude Oil Inventories published yesterday at 15:30 UTC came out at -1.69 million, falling short of the 395,000 projections and continuing its decline from the previous 1.17 million figure.
At the same time, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.
Chart analysis indicates Sealed Air Corp could be slowing down soon as it approaches resistance at $47.77. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that 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. Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. According to asset volatility analysis, Sealed Air's lower Bollinger Band® is at $47.14, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests Sealed Air has no clear-cut direction.
A look at other consumer discretionary stocks also showed bullish price action as Lowe's gained 1.89%, as it traded at $201.14.
Sealed Air went up yesterday, yet these consumer discretionary stocks did not follow — Tesla went down 3.04%, closed at $187.71. Alibaba descends 2% yesterday to close at $88.73.
Also worthy of note, as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 517,000. New data is set to be published tomorrow at 13:30 UTC. United States Initial Jobless Claims projected to decline to 195,000 while previous data was 190,000; data will be released today at 13:30 UTC.
Furthermore, the market is looking at United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.
Trending downwards for around a month. Over the past 11 months, the packaging company has retreated 32.61% from a noteworthy peak of $70.17.
