• Return to Headlines

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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Owens-Illinois (NYSE:OI) based on the price action in the company's shares. Yesterday's price range of $23.91 and $24.39 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 Owens-Illinois may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Owens-Illinois (NYSE:OI) is currently priced 3.0% above its average consensus analyst price target of $23.54. The stock should find initial support at its 200-day moving average (MA) of $18.28 and further support at its 50-day MA of $16.43.

In the past 52 weeks, shares of Owens-Illinois have traded between a low of $16.18 and a high of $25.02 and closed yesterday at $24.26, which is 50% above that low price. The 200-day and 50-day moving averages have moved 0.32% lower and 2.08% higher over the past week, respectively.

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 subscribers consider buying shares of Owens-Illinois on July 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.17. Since that recommendation, shares of Owens-Illinois have risen 24.6%. We continue to monitor OI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle owens-illinois

Ticker(s): OI