On a 10 day uptrend, Yesterday's session put the brakes on the ongoing uptrend — after ending yesterday at $50.4, Sealed Air recovers back to $50.44 after dipping down to $49.41 earlier today.
United States Existing Home Sales (Oct) is next.
Sealed Air's state is reflected by market data as United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Initial Jobless Claims beat the 225,000 projections, with 222,000. United States Building Permits (Oct) released yesterday at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million.
Sealed Air Corp made an initial breakout above its 5 day Simple Moving Average at $50.09, a potential indicator of a newly emerging bullish phase. Sealed Air is climbing away and is now $1.88 from the $48.56 support line.
Despite muted price action in Sealed Air, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Alibaba was up 7.8%. Walt Disney closed at $91.45 (down 2.66%).
Data to be released today might clear up some of the market fog as United States Existing Home Sales (Oct) is expected today at 15:00 UTC.
After hitting an important low of $41.41 approximately 15 days ago, Sealed Air has bounced back 21.71% since.