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Corning Set to Possibly Pullback After Yesterday's Rally of 1.15%

By Shiri Gupta

Corning (NYSE:GLW) traded in a range yesterday that spanned from a low of $23.63 to a high of $23.83. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $23.61 on volume of 3.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Corning has traded in a range of $15.42 to $23.96 and is now at $23.75, 54% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Corning on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.30. Since that recommendation, shares of Corning have risen 10.0%. We continue to monitor GLW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders Corning

Ticker(s): GLW