GLW climbs to highest close since November 8, 2018
Corning Incorporated (GLW) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, GLW ended Wednesday at 34.04 gaining $0.02 (0.06%), slightly underperforming the S&P 500 (0.3%). Today's close at 34.04 marks the highest recorded closing price since November 8, 2018. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (GLW as at Feb 13, 2019):
Wednesday's trading range has been $0.43 (1.26%), that's below the last trading month's daily average range of $0.68. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GLW.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical resistance level at 34.11 (R1). After having been unable to move above 34.21 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 34.20. The last time this happened on February 7th, GLW actually gained 0.54% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 34.21 where further buy stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Corning Incorporated. Out of 306 times, GLW closed higher 53.92% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.88% with an average market move of 0.82%.