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

By Nick Russo

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 $29.19 and $29.43 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.

There is potential upside of 9.3% for shares of Corning Inc based on a current price of $29.42 and an average consensus analyst price target of $32.15. The stock should find initial support at its 50-day moving average (MA) of $19.85 and further support at its 200-day MA of $18.38.

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.

Corning Inc share prices have moved between a 52-week high of $35.10 and a 52-week low of $18.88 and are now trading 56% above that low price at $29.42 per share. The 200-day and 50-day moving averages have moved 0.06% lower and 0.07% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Corning Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Corning Inc in search of a potential trend change.

Keywords: bearish inside day candle corning inc

Ticker(s): GLW