Yesterday at a glance: Sealed Air found support around the $44.42 level, after closing Monday at $47.62 and dropping by 6.72% yesterday.
Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to 367,000. Potentially significant price fluctuations in Sealed Air are expected to follow.
Amid the market gloom, United States ADP Nonfarm Employment Change (Oct) came out at 239,000, while a consensus of analysts was expecting 195,000. United States JOLTs Job Openings (Sep) released yesterday at 14:00 UTC with a figure of 10.72 million, while the previous figure was 10.28 million. United States ISM Manufacturing PMI (Oct) came out at 50.2, while a consensus of analysts was expecting 50.
Although Sealed Air Corp is pointing down today (was as low as $42.87), it's climbing away from the $42.22 support line and is now $2.2 above it. Sealed Air's lower Bollinger Band® is at $43.72, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems Sealed Air —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Sealed Air was not the only decliner in the consumer discretionary sector; Amazon closed at $96.79 (down 5.52%). Toyota drops 2.63% yesterday to close at $138.81.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Alibaba was up 3.59%.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 367,000, following on from the preceding figure of 2.59 million. New data is set to be published today at 14:30 UTC.
Furthermore, United States Interest Rate figure is projected at four. It previously stood at 3.25; data will be released today at 18:00 UTC. United States ISM Non-Manufacturing PMI (Oct) is expected tomorrow at 14:00 UTC.
Sealed Air is now trading 26.43% below its 3-month high of $70.17.