Friday at a glance: an influx of sellers pushed the chemical products and ammunition manufacturer to end the session lower around $51.4, while establishing a $50.65 to $51.55 session range Friday.
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 Olin's upper Bollinger Band® is at $59.27 and the lower is $51.27. A study of Olin's historical price actions shows Olin is approaching key support, around $1.1 away from $50.3. 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.
Overall, the technical outlook suggests Olin is likely to remain muted for the immediate future, with no clear-cut direction.
Data to be released today might clear up some of the market fog as United States Building Permits (Nov) is expected tomorrow at 13:30 UTC.
Pointing downwards for around a month. The chemicals and ammo distributor is up 22.03% from the significant low of $42.21 it hit 2 months ago.