Owens-Illinois Inc Stock Forecast
Owens-Illinois Inc stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)
The Owens-Illinois Inc stock price gained 0.405% on the last trading day (Tuesday, 23rd Apr 2024), rising from $14.81 to $14.87. During the last trading day the stock fluctuated 1.97% from a day low at $14.71 to a day high of $15.00. The price has been going up and down for this period, and there has been a -7.35% loss for the last 2 weeks. Volume fell on the last day by -241 thousand shares and in total, 876 thousand shares were bought and sold for approximately $13.03 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $14.57 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Owens-Illinois Inc stock with a 90% probability to be traded between $14.47 and $17.11 at the end of this 3-month period. 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 top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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OI Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 2.06%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Owens-Illinois Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $15.04 and $15.79. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
A sell signal from a double top formation was found on Wednesday, April 03, 2024 and based on theory for this formation the price should fall by -8.05% to $13.67 within 26 trading days since signal was issued (Wednesday, April 24, 2024).
Support, Risk & Stop-loss for Owens-Illinois Inc stock
Owens-Illinois Inc finds support from accumulated volume at $14.57 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.290 between high and low, or 1.97%. For the last week, the stock has had daily average volatility of 3.15%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OI) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Owens-Illinois Inc to open at $14.86, and during the day (based on 14 day Average True Range), to move between $14.31 and $15.43, which gives a possible trading interval of +/-$0.565 (+/-3.80%) up or down from last closing price. If Owens-Illinois Inc takes out the full calculated possible swing range there will be an estimated 7.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $14.93 (0.40%) than the support at $14.57 (2.02%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Owens-Illinois Inc will release earnings AMC on Tuesday, April 30, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.360. We will update the financials statements for Owens-Illinois Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.51% in the first trading day after earnings release.
Is Owens-Illinois Inc stock A Buy?
Owens-Illinois Inc holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.664 Sell Candidate Downgraded
Predicted Opening Price for Owens-Illinois Inc of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $14.86 ( 0.0672%) | $14.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.15 | 1.88 % | |
| R2 | 15.04 | 1.14 % | ||
| R1 | 14.97 | 0.678 % | ||
| Current price: | 14.87 | |||
| Support | S1 | 14.75 | -0.81 % | |
| S2 | 14.68 | -1.27 % | ||
| S3 | 14.57 | -2.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.39 | 10.22 % | |
| R2 | 16.25 | 9.28 % | ||
| R1 | 14.93 | 0.403 % | ||
| Current price | 14.87 | |||
| Support | S1 | 14.57 | -2.02% | |
| S2 | 14.56 | -2.08% | ||
| S3 | 14.37 | -3.36% |
OI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 06, 2020 | Feb 27, 2020 | Mar 16, 2020 | $0.0500 | 0.82% |
| 2 | Oct 28, 2019 | Nov 27, 2019 | Dec 16, 2019 | $0.0500 | 0.449% |
| 3 | Jul 31, 2019 | Aug 29, 2019 | Sep 16, 2019 | $0.0500 | 0.459% |
| 4 | May 01, 2019 | May 30, 2019 | Jun 17, 2019 | $0.0500 | 0.295% |
| 5 | Nov 14, 2018 | Jan 18, 2019 | Feb 12, 2019 | $0.0500 | 0.254% |
FAQ
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