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May 15, 2023
After closing at $52.52 Friday, Olin began today at $52.77 with significant bullish sentiment driving Olin's price action higher. So far today, price action has drawn out a distinct $52.3 to $53.13 range.
At the same time, United States NY Empire State Manufacturing Index (May) released today at 12:30 UTC with a figure of -31.8, while the previous figure was 10.8.
Olin Corporation made an initial breakout above its 3 day Simple Moving Average at $53.08, a potential indicator of a newly emerging bullish phase. Olin's lower Bollinger Band® is at $52.14, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Olin could be slowing down soon; it is getting close to the resistance line and is now at $53.25, only 50 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Olin continues to move higher with technical analysis indicating the trend will continue in the short term.
This rally in Olin's share price coincides with other materials stocks as BHP Billiton is up 2.2%. Rio Tinto is trading at $62.78 after ending Friday's session at $61.74 (up 1.69%).
At the same time, after closing the previous session (Friday) at $370.33, Linde lost $2.33 and is trading around $368.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Retail Sales is projected to outperform its last figure with 0.7%. It previously stood at -0.6%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%, having previously been at -0.4%. The figure will be published tomorrow at 12:30 UTC.
Pointing downwards for around a month. The chemicals and ammo distributor is now trading 15.24% below its 3-month high of $66.92.
