Yesterday at a glance: having closed Monday at $56.33, bullish sentiment helped Olin to reach highs around $58.2 before paring gains and ending yesterday at $57.93.
United States Building Permits is next today at 13:00 UTC.
At the same time, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -4.8 million, while the previous figure was -5.83 million. United States 7-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.89, while the previous figure was 4.027.
Olin Corporation made an initial breakout above its 10 day Simple Moving Average at $57.71, a potential indicator of a newly emerging bullish phase. On the other hand, note that after reaching the known resistance zone beginning at $57.98, Olin price action retreated approximately 5 cents.
Overall, looking at the technical analysis landscape, it seems Olin might continue pointing upwards in the short term.
A look at other materials stocks also showed bullish price action as BHP Billiton was up 2.64%. Linde traded at $339.76 after closing yesterday's trading day at $334.37 (up 1.61%). Rio Tinto added 1.43% to its value, and traded at $65.2.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released today at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1 million. It previously stood at -5.4 million; data will be released today at 15:30 UTC.
Also worthy of note, United States New Home Sales (Oct) scheduled to come out today at 15:00 UTC.
The stock has been trending positively for about a month. Having set a significant high of $66.92 a month ago, the chemicals and ammo distributor is trading 33.45% lower.