Owens-Illinois, Inc., through its subsidiaries, manufactures and sells glass container products primarily in Europe, North America, South America, and the Asia Pacific. The company produces glass containers for beer, ready-to-drink low alcohol refreshers, spirits, wine, food, tea, juice, and pharmaceuticals, as well as for soft drinks and other non-alcoholic beverages, including returnable/refillable glass containers. It serves brewers, wine vintners, distillers, and food producers. The company sells its products directly to customers under annual or multi-year supply agreements, as well as through distributors. Owens-Illinois, Inc. was founded in 1903 and is headquartered in Perrysburg, Ohio.
To review Owen's stock, please take a look at the 1-year chart of OI (Owens-Illinois, Inc.) below with my added notations:
OI seems to have topped out at $25 from February through April. Since then, the stock has sold off down into a small Rectangle pattern over the last (2) months. A Rectangle pattern forms when a stock gets stuck bouncing between a horizontal support and resistance. For OI, the Rectangle pattern has formed a clear $20 resistance (navy) and an $18 support (red). You will notice that OI's $18 support goes as far back as December.
The Tale of the Tape: OI has formed a small Rectangle pattern. The possible long positions on OI would be either on a pullback to $18, or on a break above $20. The ideal short opportunity would be on a break below $18, but a short could also be placed on a rally up to $20.
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