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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. Yesterday's price range of $18.18 and $18.74 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, 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.

Owens-Illinois share prices have moved between a 52-week high of $25.90 and a 52-week low of $16.18 and closed yesterday at 15% above that low price at $18.58 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%.

There is potential upside of 39.4% for shares of Owens-Illinois based on a current price of $18.58 and an average consensus analyst price target of $25.89. 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Owens-Illinois on March 28th, 2018 by issuing a Downtrend alert when the shares were trading at $21.36. Since that call, shares of Owens-Illinois have fallen 15.3%. 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 owens-illinois

Ticker(s): OI