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

By Amy Schwartz

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 $11.52 and $12.13 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.

In the past 52 weeks, shares of Olin Corp have traded between a low of $8.76 and a high of $22.91 and closed yesterday at $12.67, which is 45% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 1.9%.

Olin Corp (NYSE:OLN) has potential upside of 208.6% based on a current price of $12.67 and analysts' consensus price target of $39.10. The stock should find resistance at its 200-day moving average (MA) of $16.42, as well as support at its 50-day MA of $12.64.

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