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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Olin (NYSE:OLN) based on the price action in the company's shares. Today's price range of $29.41 and $29.54 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. Traders and investors interested in shares of Olin may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Olin have traded between a low of $12.29 and a high of $33.88 and are now at $29.48, which is 140% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.3% while the 200-day MA has slid 0.2%.

Olin has overhead space with shares priced $29.48, or 7.9% below the average consensus analyst price target of $32.00. Olin shares have support at the 200-day moving average (MA) of $18.34 and additional support at the 50-day MA of $17.88.

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.

SmarTrend recommended that subscribers consider buying shares of Olin on October 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.76. Since that recommendation, shares of Olin have risen 35.0%. We continue to monitor OLN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle olin

Ticker(s): OLN