By Mill Chart
Last update: Mar 1, 2024
CORNING INC (NYSE:GLW) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:GLW.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
Overall GLW gets a technical rating of 7 out of 10. Although GLW is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.
For an up to date full technical analysis you can check the technical report of GLW
In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:GLW has a 9 as its setup rating:
GLW has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 32.31. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 31.53, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Our Breakout screener lists more breakout setups and is updated daily.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.
CORNING INC
NYSE:GLW (4/26/2024, 7:04:01 PM)
After market: 31.33 0 (0%)31.33
-0.02 (-0.06%)
Corning (GLW) is expected to report a top-line decline year over year in the first quarter of 2024 due to soft demand trends and inventory adjustments.
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