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

By Shiri Gupta

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. Today's price range of $16.63 and $16.98 is within yesterday'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.

Potential upside of 49.6% exists for Owens-Illinois, based on a current level of $16.71 and analysts' average consensus price target of $25.00. Owens-Illinois shares should encounter resistance at the 200-day moving average (MA) of $18.28 and support at the 50-day MA of $16.43.

Owens-Illinois share prices have moved between a 52-week high of $26.40 and a 52-week low of $11.58 and are now trading 44% above that low price at $16.71 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 2.1%.

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 is monitoring the recent change of momentum in Owens-Illinois. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Owens-Illinois in search of a potential trend change.

Keywords: bullish inside day candle owens-illinois

Ticker(s): OI