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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 $27.91 and $28.15 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, Corning Inc share prices have been bracketed by a low of $26.98 and a high of $36.56 and are now at $28.12, 4% above that low price. The 200-day and 50-day moving averages have moved 0.28% lower and 0.77% 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.

Potential upside of 17.8% exists for Corning Inc, based on a current level of $28.12 and analysts' average consensus price target of $33.14. Corning Inc shares should first meet resistance at the 50-day moving average (MA) of $31.42 and find additional resistance at the 200-day MA of $32.00.

SmarTrend recommended that its subscribers protect gains by selling shares of Corning Inc on August 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $29.42. Since that call, shares of Corning Inc have fallen 4.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle corning inc

Ticker(s): GLW