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Possible Bearish Inside Day Candle Pattern Detected for Corning Inc (NYSE:GLW)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Corning Inc (NYSE:GLW) based on the price action in the company's shares. Today's price range of $31.05 and $31.12 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Corning Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Corning Inc have traded between a low of $26.87 and a high of $36.56 and are now at $31.12, which is 16% above that low price. The 200-day and 50-day moving averages have moved 0.1% lower and 0.42% lower over the past week, respectively.

Corning Inc has overhead space with shares priced $31.12, or 6.1% below the average consensus analyst price target of $33.14. The stock should run into initial resistance at its 50-day moving average (MA) of $32.01 and subsequent resistance at its 200-day MA of $32.53.

Corning Incorporated is a global technology-based company. The Company produces optical fiber, cable, and photonic components for the telecommunications industry, as well as manufactures glass panels, funnels, liquid crystal display glass, and projection video lens assemblies for the information display industry.

SmarTrend is tracking the current trend status for Corning Inc and will alert subscribers who have GLW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle corning inc

Ticker(s): GLW