After Yesterday's Rally of 1.04% Shares Could Potentially Pullback
Owens-Illinois (NYSE:OI) traded in a range yesterday that spanned from a low of $19.34 to a high of $19.67. Yesterday, the shares gained 1.0%, which took the trading range above the 3-day high of $19.59 on volume of 453,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Owens-Illinois has traded in a range of $11.58 to $26.40 and is now at $19.53, 69% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.1% while the 200-day MA has slid 0.3%.
SmarTrend recommended that subscribers consider buying shares of Owens-Illinois on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.01. Since that recommendation, shares of Owens-Illinois have risen 37.9%. We continue to monitor OI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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