• Return to Headlines

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

By Amy Schwartz

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 $33.21 and $33.37 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.

Based on a current price of $33.27, Corning Inc is currently 0.4% above its average consensus analyst price target of $33.14. The stock should find initial support at its 200-day moving average (MA) of $32.36 and further support at its 50-day MA of $31.41.

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 $27.67 to $36.56 and is now at $33.27, 20% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

SmarTrend recommended that subscribers consider buying shares of Corning Inc on June 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.17. Since that recommendation, shares of Corning Inc have risen 3.7%. We continue to monitor GLW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle corning inc

Ticker(s): GLW