Without a clear-cut direction, Olin is trading around $56.84 and ranging between $56.3 and $57.36.
- Olin is currently trading at $56.84 following the release of ISM Manufacturing PMI (Nov) data from the United States.
- While flat so far today, Olin is on a 5 day bearish trend during which it lost $1.05 of its value.
United States ISM Manufacturing PMI (Nov) came out at 49, while a consensus of analysts was expecting 49.8. United States Core PCE Price Index (MoM) (Oct) released today at 13:30 UTC with a figure of 0.2, while the previous figure was 0.5.
Technical analysis shows that Olin Corporation is approaching key support, around 90 cents away from $55.94. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-focused traders would be interested to note that Olin made an initial break below its 21 day Simple Moving Average at $57.05, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Olin's upper Bollinger Band® is at $60.1 and the lower is $54.63.
The current technical outlook indicates Olin will continue to ebb sideways within tight ranges for the immediate future.
United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 261,000, data will be available tomorrow at 13:30 UTC. United States Unemployment Rate figure is projected at 3.7. It previously stood at 3.7; data will be released tomorrow at 13:30 UTC.
Rio Tinto is trading at $69.47 after ending yesterday's session at $68.64 (up 1.2%). BHP Billiton is trading at $63.11 after ending yesterday's session at $62.8 (up 0.49%).
The chemicals and ammo distributor is now trading 35% above the significant low ($42.21) it slumped to 2 months ago.