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

By Shiri Gupta

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 $28.45 and $28.64 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 $26.55 and a high of $35.34 and are now at $28.45, 7% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.2%.

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 16.5% exists for Corning Inc, based on a current level of $28.45 and analysts' average consensus price target of $33.14. The stock should run into initial resistance at its 50-day moving average (MA) of $28.79 and subsequent resistance at its 200-day MA of $29.73.

SmarTrend is monitoring the recent change of momentum in Corning Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Corning Inc in search of a potential trend change.

Keywords: bearish inside day candle corning inc

Ticker(s): GLW