OLN closes lower for the 2nd day in a row
Olin Corporation (OLN) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, OLN finished the month -2.18% lower at 11.24 after losing $0.20 (-1.75%) today, significantly underperforming the S&P 500 (0.77%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (OLN as at Jul 31, 2020):
Friday's trading range has been $0.41 (3.59%), that's slightly below the last trading month's daily average range of $0.48. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for OLN.
Prices are trading close to the key technical resistance level at 11.58 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.