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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 $29.82 and $30.16 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.

There is potential upside of 9.2% for shares of Corning Inc based on a current price of $30.35 and an average consensus analyst price target of $33.14. The stock should run into initial resistance at its 200-day moving average (MA) of $30.58 and subsequent resistance at its 50-day MA of $31.22.

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.

Over the past year, Corning Inc has traded in a range of $26.11 to $36.56 and closed yesterday at $30.35, 16% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

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