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April 24, 2023
A quick look at Friday: the Cryovac and Bubble Wrap developer has recovered almost all of its session losses after dipping down to $46.89 Friday.
Sealed Air Corp made an initial break below its 50 day Simple Moving Average at $47.06, a possible indication of a forthcoming negative trend. Despite this, Sealed Air could begin to recover as it approaches significant support, now 29 cents away from $46.8. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Sealed Air to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the Cryovac and Bubble Wrap developer is expected to attract significant bearish sentiment in the coming days.
Sealed Air was not the only decliner in the consumer discretionary sector; Alibaba lost 1.77% Friday and closed at $89.13.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Amazon was up 3.03%. Walt Disney was up 1.53%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 104 from the preceding figure of 104.2.
Furthermore, United States Building Permits is scheduled for tomorrow at 13:30 UTC. United States New Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.
The stock has been trending positively for about 29 days. The Cryovac and Bubble Wrap developer is now trading 12.43% below its 3-month high of $68.48.
