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Possible Bullish Inside Day Candle Pattern Detected for Libbey Inc (AMEX:LBY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Libbey Inc (AMEX:LBY) based on the price action in the company's shares. Yesterday's price range of $2.90 and $2.96 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. Traders and investors interested in shares of Libbey Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Libbey Inc. designs, produces, and sells tableware and other products worldwide. It offers glass tableware products, including tumblers, stemware, mugs, bowls, vases, salt and pepper shakers, shot glasses, canisters, candleholders, and other items; storage ware; serve ware; bakeware; handmade glass tableware; and other components for original equipment manufacturers, such as blender jars and mixing bowls.

Libbey Inc (AMEX:LBY) has potential upside of 328.1% based on a current price of $2.92 and analysts' consensus price target of $12.50. The stock should run into initial resistance at its 50-day moving average (MA) of $4.21 and subsequent resistance at its 200-day MA of $6.74.

Over the past year, Libbey Inc has traded in a range of $2.82 to $11.54 and closed yesterday at $2.92, 4% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 2.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Libbey Inc on February 22nd, 2019 by issuing a Downtrend alert when the shares were trading at $3.57. Since that call, shares of Libbey Inc have fallen 20.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle amex:lby libbey inc

Ticker(s): LBY