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CORNING INC (NYSE:GLW) Technical Analysis observations.

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.

GLW Daily chart on 2024-03-01

Technical Analysis Observations

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.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the performance of all stocks over the past year, GLW turns out to be only a medium performer in the overall market: it outperformed 46% of all stocks.
  • GLW is an average performer in the Electronic Equipment, Instruments & Components industry, it outperforms 54% of 127 stocks in the same industry.
  • GLW is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so GLW is lagging the market.
  • In the last month GLW has a been trading in a tight range between 30.96 and 32.77.

For an up to date full technical analysis you can check the technical report of GLW

Looking at the Setup

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.

How to trade NYSE:GLW?

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.

Keep in mind

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.

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CORNING INC

NYSE:GLW (5/24/2024, 7:04:01 PM)

After market: 36.25 -0.03 (-0.08%)

36.28

+0.16 (+0.44%)

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