A quick look at yesterday: Olin went up to $54.7, gaining 3.13%.
United States Non Farm Payrolls data will be released today at 12:30 UTC, with an expected decline to 200,000.
Olin's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims beat the 220,000 projections, with 217,000.
At the same time, United States ISM Non-Manufacturing PMI (Oct) released yesterday at 14:00 UTC with a figure of 54.4, while the previous figure was 56.7. New Factory Orders data from United States matched market expectations with a reading of 0.3% — a positive step in contrast to previous data of 0.2% from last month.
Despite posting gains on yesterday, Olin Corporation slid below its 200 day Simple Moving Average at $52.64 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $55.88, thereby suggesting that Olin is becoming overvalued. Although Olin is appreciating today after rising as high as $55.17, price action is now slowing and consolidating around $1.28 below the $55.98 resistance level. In contrast, Olin formed a session range of $51.81 to $55.17 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $53.4.
Technical analysis of Olin price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
This rally in Olin's share price coincided with other materials stocks as Linde was up 1.11%. BHP Billiton gained 0.54%, as it traded at $48.33.
While Olin was bullish yesterday, the following materials stocks underperformed: BHP went down to $64.18, losing 2.43% after it closed at $65.78 yesterday.
Also worthy of note, today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 263,000. As things stand, upcoming United States Unemployment Rate data is projected to fall short of market expectations with newly published data of 3.6, following on from the preceding figure of 3.5. New data is set to be published today at 12:30 UTC.
The stock has been trending positively for about a month. Having set a significant high of $66.92 a month ago, Olin is trading 25.66% lower.