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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Owens & Minor (NYSE:OMI) based on the price action in the company's shares. Yesterday's price range of $5.13 and $5.20 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. Owners of Owens & Minor may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Owens & Minor have traded between a low of $2.43 and a high of $8.43 and closed yesterday at $5.16, which is 112% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 1.2%.

There is potential upside of 212.7% for shares of Owens & Minor based on a current price of $5.16 and an average consensus analyst price target of $16.14. The stock should find resistance at its 50-day moving average (MA) of $6.50, as well as support at its 200-day MA of $4.72.

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 is monitoring the recent change of momentum in Owens & Minor. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Owens & Minor in search of a potential trend change.

Keywords: bearish am inside day candle owens & minor

Ticker(s): OMI