Yesterday at a glance: generally flat but with a slight bullish bias, Sealed Air ranged between $48.62 and $49.72 before closing higher at $49.4.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
Sealed Air's uptick comes amid good United States macroeconomic data released during the day — data for United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected with 7.65 million, but worse than previous figure of 16.28 million. United States Initial Jobless Claims beat analyst expectations of 200,000 and the previous reading of 195,000 with new data of 192,000.
On the flip side, highly important GDP data from United States beat analyst expectations of 2.9 with a reading of 2.7.
Sealed Air Corp made an initial breakout above its 5 day Simple Moving Average at $49.69, a potential indicator of a newly emerging bullish phase. In contrast, Sealed Air is 47 cents away from testing key resistance at $49.87. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Sealed Air might continue pointing upwards in the short term.
This rally in Sealed Air's share price coincided with other consumer discretionary stocks as Pinduoduo was up 3.22%. Home Depot traded at $299.31 after closing yesterday's trading day at $296.3 (up 1.02%).
While Sealed Air was bullish yesterday, the following consumer discretionary stocks underperformed: Starbucks went down 1.2%, closed at $104.77.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Jan) scheduled to come out today at 13:30 UTC. United States New Home Sales (Jan) will be released today at 15:00 UTC.
After hitting an important low of $41.41 approximately 3 months ago, the packaging company has bounced back 18.52% since.