Sealed Air Deflates: Levels To Watch
InTheMoneyStocks.com | Sep 19, 2017 12:34PM ET
Sealed Air Corporation (NYSE:SEE) is a leader in the non-paper container and packaging sector. The company is engaged in food safety and security, facility hygiene and the product protection business. The stock has been steadily declining since April when it traded as high as $52.83 a share. Since that high pivot the stock has slid down to the $41.57 area where it Traded on Tuesday. The stock is now trading below its important 50- and 200-day moving averages, which puts it in a very weak technical position on the charts.
Currently, the stock is oversold in the short term, so short-term bounces are possible. The better support level for SEE is around $36 — an area where the stock broke out in 2014. Prior breakout areas are often defended by the institutional money when back tested. Stay tuned as I will be looking to trade this on the long side around this major support level.
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