OI - Owens-Illinois Inc Fri 13'th Jan 2017
Strong Buy Candidate
Stock analysis for Fri 13'th Jan 2017 (Updated daily)
Buy candidate since 2017-01-10
Owens-Illinois Inc Stock Analysis
Owens-Illinois Inc gained 1.10% in the last trading day rising from, USD 19.04 to USD 19.25. , and has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. The price has risen in 7 of the last 10 days days and is up by 8.51% over the past 2 weeks. Volume also increased in the last day along with the price, which is a positive technical sign, and ,in total, 0.01 million more shares traded than the day before. In total there were 1.16 million shares were bought and sold for approximately USD 22.32 million.
Owens-Illinois Inc is the upper part of a wide and horizontal trend and normally this would pose a good selling opportunity, but a break-up through the top trend line at USD 19.66 will give a strong buy signal and a trend shift may be expected. Given the current horizontal trend you can expect Owens-Illinois Inc with 90% probability to be traded between USD 17.42 and USD 19.90 at the end of this period with 90% probability. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the roof. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Only positive signals in the chart today. Owens-Illinois Inc holds buy signals from both short- and long-term moving averages. In addition, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down there will be some support from the lines at USD 18.69 and USD 18.23. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday December 30, 2016, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
RSI14 is 66 and the stock is currently not being overbought or oversold
Support & Resistance
Owens-Illinois Inc finds support from accumulated volume at USD 18.83, USD 18.52, and USD 18.37. On the upside the stock meets some resistance just above today's level from accumulated volume at USD 19.30, USD 19.31 and USD 19.46.
The stock is about to test the resistance from accumulated volume at USD 19.30 and this may cause the stock to take a minor break or get into a more sideways move for a few days.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day the stock moved USD 0.31 between high and low, and this equals 1.63%. For the last week, the stock has had a daily average volatility of 2.53%.
Our recommended stoploss: USD 18.29 (-4.99%) ( criteria: risk and position in trend)
Owens-Illinois Inc holds several positive signals and is considered to be a good choice at current levels. We expect the stock to perform very well in the short-term period.