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

By Amy Schwartz

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 $16.63 and $17.18 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 has overhead space with shares priced $17.18, or 31.3% below the average consensus analyst 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 closed yesterday at 48% above that low price at $17.18 per share. The 200-day and 50-day moving averages have moved 0.32% lower and 2.08% higher over the past week, respectively.

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 am inside day candle owens-illinois

Ticker(s): OI