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

By Shiri Gupta

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. Yesterday's price range of $22.33 and $22.57 is within the prior day'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 has overhead space with shares priced $22.33, or 42.9% below the average consensus analyst price target of $39.10. Olin Corp shares should first meet resistance at the 50-day moving average (MA) of $22.90 and find additional resistance at the 200-day MA of $23.98.

In the past 52 weeks, Olin Corp share prices have been bracketed by a low of $17.87 and a high of $34.42 and closed yesterday at $22.33, 25% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.4%.

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 am inside day candle olin corp

Ticker(s): OLN