While Olin is on a 15 day uptrend Yesterday's session put the brakes on the ongoing uptrend — after dropping down to $56.82, the chemical products and ammunition manufacturer recovers some losses and is currently trading at $57.77.
United States Retail Sales is next today at 12:30 UTC.
Uncertainty around Olin is reflected by published market data as Producer Price Index in United States fell short of market expectations (0.1%) with a reading of -0.5%, continuing the decline from the previous figure of 0%. Following a previous reading of 228,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 232,000 figure expected by analysts with an actual reading of 239,000. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.62 trillion, while the previous figure was 8.63 trillion.
Olin Corporation made an initial break below its 50 day Simple Moving Average at $57.47, a possible indication of a forthcoming negative trend. Olin's upper Bollinger Band® is at $59.57, suggesting that a downward move may follow. On the other hand, note that Olin is currently alternating around $57 with price action moving above and below this key level throughout the session.
Despite the market lacking direction, technical chart analysis strongly suggests Olin is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other materials stocks as Linde was up 0.73%. Rio Tinto traded at $69.9 after closing yesterday's trading day at $69.43 (up 0.68%).
Data to be released today might clear up some of the market fog as United States Core Retail Sales projected to come out at -0.3% — worse than previous data of -0.1%; data will be released today at 12:30 UTC. United States Retail Sales is expected today at 12:30 UTC.
The stock has been trending positively for about 29 days. The chemical products and ammunition manufacturer is now trading 37% above the significant low ($42.21) it slumped to 6 months ago.
