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June 24, 2023
Yesterday at a glance: in yesterday's bearish session, the Cryovac and Bubble Wrap developer shed around 2.26% in quick fashion, found support around the $37.92 level and finally closed at $38.06. In contrast, the day's events followed Thursday's session in which the stock closed at $38.94.
Meanwhile, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 166,500, while the previous figure was 155,100. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.
Analysis of Sealed Air's recent price action suggests Sealed Air Corp could begin to recover as it approaches significant support, now 25 cents away from $37.81. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $37.63, a low enough level to, generally, suggest that Sealed Air is trading below its fair value.
Overall, the technical outlook suggests Sealed Air is likely to remain muted for the immediate future, with no clear-cut direction.
Sealed Air was not the only decliner in the consumer discretionary sector; Toyota dips 2.37% yesterday to close at $157.11. Starbucks drops 2.49% yesterday to close at $100.85. McDonald's went down 1.16%, closed at $293.3.
The current year has not been the best for the Cryovac and Bubble Wrap developer as it lost 23.87% from its highest point of $61.53.
