• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Owens-Illinois (NYSE:OI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Owens-Illinois (NYSE:OI) based on the price action in the company's shares. Yesterday's price range of $16.51 and $16.69 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 Owens-Illinois may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Owens-Illinois (NYSE:OI) has potential upside of 53.6% based on a current price of $16.72 and analysts' consensus price target of $25.68. The stock should find initial resistance at its 50-day moving average (MA) of $18.23 and further resistance at its 200-day MA of $18.35.

Over the past year, Owens-Illinois has traded in a range of $15.67 to $20.78 and closed yesterday at $16.72, 7% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.9% while the 200-day MA has remained constant.

Owens-Illinois, Inc. manufactures glass packaging products. The Company produces glass containers for malt beverages, including beer and ready-to-drink low-alcohol refreshers, liquor, wine, food, tea, juice, and pharmaceuticals. Owens-Illinois sells its products to customers around the world.

SmarTrend recommended that its subscribers protect gains by selling shares of Owens-Illinois on May 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $18.16. Since that call, shares of Owens-Illinois have fallen 6.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle owens-illinois

Ticker(s): OI