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|It was the negative week for the Owens-Illinois Inc. (OI). During the week, the OI dropped -1.41 points, or -7.00%, and closed at 18.72 on Friday, February 8, 2019. It was the worst weekly loss since October 12, 2018. Weekly volume was 66% above average. |
OI is a member of Packaging & Containers Industry. Packaging & Containers is the fifth most overbought industry. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
Long-term trend: [See OI long-term trend chart]
A long-term downtrend had started on October 11, 2017 at 25.90 and reached 15.67 on October 31, 2018. OI lost 10.23 points, or 39.50%, in 55 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (15.25) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
Medium-term trend: [See OI medium-term trend chart]
A medium-term uptrend had started on October 31, 2018 at 15.67 and reached 20.38 on February 1, 2019. OI gained -4.71 points, or -30.06%, in 13 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The trend support level is at 15.68 and resistance is at 20.63. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Right-Angled, Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Ascending Wedge pattern in a medium-term trend.
Weekly Technical Indicators: [See OI weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since December 28, 2018. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.
Short-term trend: [See OI short-term trend chart]
A short-term downtrend had started on February 1, 2019 at 20.38 and reached 18.48 on February 7, 2019. OI lost 1.90 points, or 9.32%, in 6 days. The price is now at the 12.63% retracement level.
Daily Technical Indicators: [See OI daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.