OI closes higher for the 3rd day in a row
Owens-Illinois Inc. (OI) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, OI ended Thursday at 6.79 edging higher $0.01 (0.15%) on low volume, strongly underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (OI as at Mar 26, 2020):
Thursday's trading range has been $0.59 (8.51%), that's below the last trading month's daily average range of $0.90. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for OI.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
While the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the nearby swing high at 7.28 where further buy stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Owens-Illinois. Out of 218 times, OI closed higher 51.83% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after three trading days, showing a win rate of 55.05% with an average market move of 0.16%.