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Possible Bullish Inside Day Candle Pattern Detected for Libbey Inc (AMEX:LBY)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Libbey Inc (AMEX:LBY) based on the price action in the company's shares. Yesterday's price range of $1.09 and $1.17 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 Libbey Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 987.0% for shares of Libbey Inc based on a current price of $1.15 and an average consensus analyst price target of $12.50. Libbey Inc shares should first meet resistance at the 50-day moving average (MA) of $1.40 and find additional resistance at the 200-day MA of $1.79.

Libbey Inc share prices have moved between a 52-week high of $3.59 and a 52-week low of $1.03 and closed yesterday at 12% above that low price at $1.15 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 1.7%.

Libbey Inc. designs, manufactures, and markets glass tableware, which is used by foodservice, industrial, premium, and retail customers around the world. The Company also provides ceramic dinnerware and metal flatware to foodservice users in the United States. In addition, Libbey is the exclusive distributor of Vitrocrisa glass tableware products in the United States and Canada.

SmarTrend is tracking the current trend status for Libbey Inc and will alert subscribers who have LBY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle amex:lby libbey inc

Ticker(s): LBY