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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. Yesterday's price range of $28.40 and $28.64 is within the prior day'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.

Over the past year, Corning Inc has traded in a range of $26.55 to $35.34 and closed yesterday at $28.71, 8% above that low. The 200-day and 50-day moving averages have moved 0.33% lower and 0.22% lower over the past week, respectively.

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 (NYSE:GLW) has potential upside of 15.4% based on a current price of $28.71 and analysts' consensus price target of $33.14. The stock should find initial resistance at its 50-day moving average (MA) of $28.79 and further resistance at its 200-day MA of $29.71.

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 am inside day candle corning inc

Ticker(s): GLW