OLN closes within previous day's range after lackluster session


Olin Corporation (OLN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

OLN closes higher for the 2nd day in a row
OLN finds buyers again around 11.04
OLN closes within previous day's range after lackluster session

Overview

Moving higher for the 2nd day in a row, OLN finished the month -4.49% lower at 11.49 after gaining $0.21 (1.86%) today, slightly outperforming the S&P 500 (1.54%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (OLN as at Jun 30, 2020):

Daily technical analysis candlestick chart for Olin Corporation (OLN) as at Jun 30, 2020

Tuesday's trading range has been $0.51 (4.55%), that's below the last trading month's daily average range of $0.74. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for OLN.

Regardless of a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on June 25th, OLN actually lost -5.24% on the following trading day.

After having been unable to move lower than 11.10 in the previous session, Olin found buyers again around the same price level today at 11.04.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying might accelerate should prices move above the close-by swing high at 11.73 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 10.83 where further sell stops could get triggered. Further selling might move prices lower should the market test May's close-by low at 10.40.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Olin. Out of 88 times, OLN closed higher 54.55% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after seven trading days, showing a win rate of 55.68% with an average market move of 0.32%.


Market Conditions for OLN as at Jun 30, 2020

Loading Market Conditions for OLN (Olin Corporation)...
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