GLW closes above its opening price after recovering from early selling pressure
Corning Incorporated (GLW) Technical Analysis Report for Jun 19, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, GLW ended Wednesday at 32.70 gaining $0.18 (0.55%), slightly outperforming the S&P 500 (0.3%). Today's close at 32.70 marks the highest recorded closing price since April 29th. Trading up to $0.18 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (GLW as at Jun 19, 2019):
Wednesday's trading range has been $0.33 (1.01%), that's below the last trading month's daily average range of $0.55. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for GLW.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical resistance level at 32.83 (R1). After having been unable to move above 32.83 in the prior session, the stock ran into sellers again around the same price level today, missing to move higher than 32.78. The last time this happened on Monday, GLW actually gained 3.67% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 30.43.
Corning Incorporated shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might speed up should prices move above the close-by swing high at 32.83 where further buy stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Corning Incorporated. Out of 160 times, GLW closed higher 53.75% 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 56.25% with an average market move of -0.03%.