GLW still stuck within tight trading range
GLW finished Thursday at 28.89 gaining $0.29 (1.01%). Today's closing price of 28.89 marks the highest close since June 6th. Closing above Wednesday's high at 28.68, the share confirms its breakout through the prior session's high having traded $0.27 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was $0.36 (1.25%), that's slightly below last trading month's daily average range of $0.38. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 28.44 and 28.95 which it has been in now for the last trading week.
Unable to break through the key technical resistance level at 28.91, Corning Inc. closed below it after spiking as high as 28.95 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After trading as low as 28.59 during the day, the market found support at the 100-day moving average at 28.64.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. The stock managed to break above the 100-day moving average at 28.64 today for the first time since June 11th.
Selling might accelerate should prices move below the close-by swing low at 28.44 where further sell stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Corning Inc.
|Close to R1 Resistance||TQ Pro Members Only|
|Bullish Bounce off SMA 100||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
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