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Watch for Shares of Owens-Illinois (OI) to Approach Resistance at $25.61

Published on Wed, 02/27/2013 - 13:42
By Robert Cotter

Shares of Owens-Illinois (NYSE:OI) opened today above their pivot of $24.87 and have already reached the first level of resistance at $25.25. Investors may be interested in a cross of the next upside pivot targets of $25.61 and $26.36.

Owens-Illinois has overhead space with shares priced $25.15, or 16.5% below the average consensus analyst price target of $30.12. The stock should find initial support at its 50-day moving average (MA) of $23.04 and further support at its 200-day MA of $20.15.

In the past 52 weeks, Owens-Illinois share prices have been bracketed by a low of $16.82 and a high of $26.78 and are now at $25.15, 50% above that low price. The 200-day and 50-day moving averages have moved 0.24% higher and 1.37% higher over the past week, respectively.

Owens-Illinois, Inc. manufactures glass packaging products. The Company produces glass containers for malt beverages, including beer and ready-to-drink low-alcohol refreshers, liquor, wine, food, tea, juice and pharmaceuticals. Owens-Illinois sells its products to customers around the world.

By Robert Cotter
rcotter@fnno.com