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Watch for Owens-Illinois to Potentially Pullback After Gaining 7.67% Yesterday

By Nick Russo

Owens-Illinois (NYSE:OI) traded in a range yesterday that spanned from a low of $17.72 to a high of $19.29. Yesterday, the shares gained 7.7%, which took the trading range above the 3-day high of $17.92 on volume of 1.6 million 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 $16.21 to $25.90 and is now at $19.13, 18% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.4%.

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: rebounders owens-illinois

Ticker(s): OI