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

By James Quinn

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 $20.46 and $21.59 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.

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.

Corning Inc (NYSE:GLW) has potential upside of 59.8% based on a current price of $20.74 and analysts' consensus price target of $33.14. The stock should find initial resistance at its 50-day moving average (MA) of $25.51 and further resistance at its 200-day MA of $28.68.

In the past 52 weeks, Corning Inc share prices have been bracketed by a low of $17.44 and a high of $35.34 and closed yesterday at $20.74, 19% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 3.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Corning Inc on January 30th, 2020 by issuing a Downtrend alert when the shares were trading at $27.61. Since that call, shares of Corning Inc have fallen 24.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle corning inc

Ticker(s): GLW