Lets just say it was a long time ago, about this time of year, while in my Freshman year at Cornell University, that I was sitting in Olin Hall, taking an Introduction to Chemical Engineering Class. I was on my way to becoming a Chemical Engineer. I would leave that class and go over to Olin Library above to study the rest of my engineering courses. Well, you know how that turned out.
Engineering was not quite right for me. But the critical thinking skills and analytical training has gone a long way in forming my current life. Numbers are numbers and process is process, no matter what field you are in. Oh and about that guy Olin who was all over Cornell. Well turns out he was all over everything, including a company called Olin Corporation (NYSE:OLN). It was founded by Franklin W. Olin, and from my count of his name on buildings, not just at Cornell, but at dozens of Universities, he did pretty well.
The chart of his company’s stock price has had some good and some bad times. But right now it looks set for a break out move to the upside. After a strong run higher from a low in February, it made a peak near 26.50 in July. A gap lower late in the month had it retrace 38.2% of that move higher and it drifted. It eventually retraced more than 50% of the run to the upside and and since making a bottom in September it has been rising. The past two weeks it has held at resistance above the 50 day SMA. And Monday ahead of the election it is showing strong performance to the upside.
The RSI is in the bullish zone and rising along with the MACD crossing up. Both support a push through resistance to the upside. The Bollinger Bands® are also pointing higher. Look for a move over 22.50 to start a run to close that gap above.
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