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Possible Bearish Inside Day Candle Pattern Detected for Olin Corp (NYSE:OLN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Olin Corp (NYSE:OLN) based on the price action in the company's shares. Today's price range of $22.41 and $22.69 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Olin Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Olin Corporation manufactures chemicals and ammunition products. The Company manufactures and sells chlorine, caustic soda, sodium hydrosulfite, hydrochloric acid, hydrogen, sodium chlorate, bleach products, and potassium hydroxide. Olin also manufactures products that include sporting ammunition, reloading components, small caliber military ammunition and industrial cartridges.

Olin Corp share prices have moved between a 52-week high of $34.42 and a 52-week low of $17.87 and are now trading 27% above that low price at $22.63 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.5%.

Potential upside of 72.8% exists for Olin Corp, based on a current level of $22.63 and analysts' average consensus price target of $39.10. The stock should find initial resistance at its 50-day moving average (MA) of $22.93 and further resistance at its 200-day MA of $24.02.

SmarTrend is tracking the current trend status for Olin Corp and will alert subscribers who have OLN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle olin corp

Ticker(s): OLN