• 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 $17.36 and $17.66 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.

In the past 52 weeks, shares of Owens-Illinois have traded between a low of $16.21 and a high of $25.90 and closed yesterday at $17.44, which is 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.5%.

Owens-Illinois (NYSE:OI) has potential upside of 47.3% based on a current price of $17.44 and analysts' consensus price target of $25.68. The stock should run into initial resistance at its 50-day moving average (MA) of $17.59 and subsequent resistance at its 200-day MA of $20.79.

SmarTrend is tracking the current trend status for Owens-Illinois and will alert subscribers who have OI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle owens-illinois

Ticker(s): OI