A quick look at yesterday: a tough session dominated by bearish sentiment left Sealed Air 43 cents lower, while setting a $46.4 to $47 session range.
Following a previous reading of 0%, Core Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.3% figure expected by analysts with an actual reading of -0.8%. Following a previous reading of -0.2%, Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.4% figure expected by analysts with an actual reading of -1%.
Meanwhile, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Sealed Air Corp made an initial break below its 5 day Simple Moving Average at $46.73, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Despite this, Sealed Air could begin to recover as it approaches significant support, now 27 cents away from $46.34. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Sealed Air to extend its recent losses.
Sealed Air was not the only decliner in the consumer discretionary sector; Toyota closed at $135.96 (down 0.93%). Alibaba closed at $94.55 (down 1.68%). Walt Disney stumbles 0.93% yesterday to close at $100.84.
The Cryovac and Bubble Wrap developer has shed 13.5% over the past three months.
