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Possible Bullish Inside Day Candle Pattern Detected for Owens & Minor (NYSE:OMI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Owens & Minor (NYSE:OMI) based on the price action in the company's shares. Yesterday's price range of $4.72 and $4.90 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 & Minor 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 & Minor has overhead space with shares priced $4.82, or 70.1% below the average consensus analyst price target of $16.14. Owens & Minor shares should encounter resistance at the 200-day moving average (MA) of $5.14 and support at the 50-day MA of $3.33.

In the past 52 weeks, shares of Owens & Minor have traded between a low of $2.43 and a high of $18.40 and closed yesterday at $4.82, which is 98% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.8% while the 200-day MA has slid 1.6%.

Owens & Minor, Inc. distributes medical and surgical supplies throughout the United States. The Company's customers include hospitals, integrated healthcare systems, and group purchasing organizations. Owens & Minor also provides services in supply chain management, logistics, and technology.

SmarTrend recommended that subscribers consider buying shares of Owens & Minor on August 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $3.80. Since that recommendation, shares of Owens & Minor have risen 23.8%. We continue to monitor OMI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle owens & minor

Ticker(s): OMI