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June 09, 2023
Yesterday at a glance: after closing the previous trading day at $40.12 and dropping to $38.57, the packaging company closed yesterday at $38.88. By the end of the session, Sealed Air gave up a total of 3.09%.
United States Initial Jobless Claims fell short of the 235,000 projections, with new data of 261,000.
Amid the market gloom, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks came out at 3.31 trillion.
Sealed Air Corp made an initial break below its 10 day Simple Moving Average at $39.63, a possible indication of a forthcoming negative trend. In contrast, although Sealed Air is pointing down today (was as low as $38.57), it's climbing away from the $38.3 support line and is now 58 cents above it.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Sealed Air to extend its recent losses.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Tesla gained 4.58%, as it traded at $234.86. Amazon was up 2.49%. McDonald's traded at $285.78 after closing yesterday's trading day at $281.9 (up 1.38%).
After hitting an important low of $37.85 approximately 9 days ago, the packaging company has bounced back 6% since.
