• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing

Owens Corning Appears Ready to Move Higher on the Charts

Let's plot a technical strategy to participate.
By BRUCE KAMICH
May 22, 2023 | 08:48 AM EDT
Stocks quotes in this article: OC

Insulation maker Owens Corning ( OC) is emerging from a base pattern that can support a sustained upside move. Let's check out the charts and plot a technical strategy to participate.
 
In this daily bar chart of OC, below, I can see an uptrend in progress from a low in September. Prices trade above the rising 50-day moving average line and above the rising 200-day line.
 
The On-Balance-Volume (OBV) line shows that it has followed prices higher on rallies and dips on pullbacks. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.  
 
 
In this weekly Japanese candlestick chart of OC, below, I can see a large base pattern. Prices rallied into an early 2021 high and then corrected down into lows in mid to late 2022. OC has rallied above the now rising 40-week moving average line in early 2023 and now is testing the early 2021 peak.
 
The weekly OBV line shows a rise from November. The MACD oscillator is bullish. The most recent candle bar shows an upper shadow above $110 telling me there is some profit taking at the highs. Strength above $110 in the form of a white candle will be a sign the uptrend is continuing. 
 
 
 
In this daily Point and Figure chart of OC, below, I can see that OC has reached an upside price of $102. 
 
 
In this weekly Point and Figure chart of OC, below, I can see a price target in the $152 area. 
 
 
Bottom line strategy: Traders could go long OC in the $110-$105 area risking to $102. On the upside I look for gains to the $152 area.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Economy | Investing | Stocks | Technical Analysis | Materials | Industrial Goods | Manufacturing

More from Investing

Elite Traders Make Big Profits Using This Trick

James "Rev Shark" DePorre
Sep 30, 2023 10:00 AM EDT

A concentrated position in the right stock at the right time is how you make exceptional profit. Here are the steps that pro traders employ to rack up huge gains.

3 Small-Cap Stocks With Big Dividends

Bob Ciura
Sep 30, 2023 7:00 AM EDT

These names provide shareholders with potential growth in addition to their dividends.

Here's Why Traders Are Cautious Despite Slowing Inflation

James "Rev Shark" DePorre
Sep 29, 2023 4:25 PM EDT

As we say to goodbye to a rough September, let's look what what's weighing on investor sentiment now.

Accenture Is Looking Vulnerable to a Correction: How to Play It Now

Bruce Kamich
Sep 29, 2023 2:13 PM EDT

Shares of the consulting company have turned lower from early September.

Okta: Does a New Technical Strategy Make Sense?

Bruce Kamich
Sep 29, 2023 12:50 PM EDT

The identity security management firm gets a quantitative upgrade.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 12:13 PM EDT BRUCE KAMICH

    8 Trading Rules from T. T. Hoyne

    You just read the header for this missive and prob...
  • 08:42 AM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    How Elite Traders Make Big Profits
  • 02:58 PM EDT BRUCE KAMICH

    Classic Trading Rules From Bernard Baruch

    Bernard Baruch listed the rules (below) in his aut...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2023 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login