A quick look at Friday: after closing the previous trading day at $51.21 and dropping to $49.53, the Cryovac and Bubble Wrap developer closed Friday at $50.37. By the end of the session, Sealed Air gave up a total of 1.64%.
Technical chart analysis shows Sealed Air Corp could begin to recover as it approaches significant support, now 73 cents away from $49.64. Dipping below could be an indication that further losses are ahead. Trend-following investors 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 Sealed Air's lower Bollinger Band® is at $50.26, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Sealed Air has no clear-cut direction.
Sealed Air was not the only decliner in the consumer discretionary sector; McDonald's falls 2.06% Friday to close at $271.73. Tesla went down to $150.23, losing 4.72% after it closed at $157.67 Friday. Nike lost 2.36% Friday and closed at $105.95.
Furthermore, United States Building Permits (Nov) is scheduled for tomorrow at 13:30 UTC.
The packaging company is now trading 23.67% above the significant low ($41.41) it slumped to a month ago.