A quick look at yesterday: Olin ended Friday at $46.85. yesterday it went up to $48.09 only to drop back, yet still managed to close at $47.46.
At the same time, United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Although Olin Corporation is appreciating today after rising as high as $48.09, price action is now slowing and consolidating around $1.05 below the $48.51 resistance level. Despite posting gains on yesterday, Olin slid below its 3 day Simple Moving Average at $47.11 during the last session — an early indicator that a negative trend could be emerging.
Olin is likely to reverse course and start pointing downward in the short term.
This rally in Olin's share price coincided with other materials stocks as BHP Billiton was up 3.1%. Linde was up 2.03%.
Olin went up yesterday, yet these materials stocks did not follow — BHP lost 2.43% yesterday and closed at $64.18.
Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.55 million from the preceding figure of 9.88 million.
The market is looking forward to the release of new data: United States Building Permits (Sep) scheduled to come out tomorrow at 12:30 UTC.
Olin has recovered 11% since descending to a significant low of $42.21 around 19 days ago.