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April 19, 2023
Yesterday at a glance: after closing the previous trading day at $47.26 and dropping to $46.66, the Cryovac and Bubble Wrap developer closed yesterday at $46.85. By the end of the session, Sealed Air gave up a total of 0.87%.
Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in Sealed Air are expected to follow.
Amid the market gloom, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. Data from United States concerning Housing Starts was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 7.3% to -0.8% this month.
Sealed Air Corp made an initial break below its 5 day Simple Moving Average at $46.8, a possible indication of a forthcoming negative trend. Sealed Air is currently flirting with an active Fibonacci support level around $46.8. On the other hand, note that although Sealed Air is down today and was as low as $46.66, it seems to be recovering slightly and climbing away from the $46.53 support line and is now 32 cents above it.
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 packaging company is expected to attract significant bearish sentiment in the coming days.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Lowe's was up 1.51%. Home Depot was up 1.2%. McDonald's was up 0.55%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1 million, following on from the preceding figure of 597,000. New data is set to be published today at 14:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) will be released tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.
The Cryovac and Bubble Wrap developer has shed 13.25% over the past three months.
