GLW breaks below Monday's low
Corning Incorporated (GLW) Technical Analysis Report for Jul 02, 2019 | by Techniquant Editorial Team
GLW finished Tuesday at 33.71 losing $0.41 (-1.2%) on low volume, significantly underperforming the S&P 500 (0.29%). Closing below Monday's low at 33.81, the share confirmed its breakout through the previous session low after trading up to $0.25 below it intraday.
Daily Candlestick Chart (GLW as at Jul 02, 2019):
Tuesday's trading range has been $0.53 (1.56%), that's slightly below the last trading month's daily average range of $0.54. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GLW.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices broke below the key technical support level at 33.90 (now R1), which is likely to act as resistance going forward. The last time this happened on June 25th, GLW actually gained 0.76% on the following trading day.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could speed up should prices move above the nearby swing high at 34.26 where further buy stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Corning Incorporated. Out of 348 times, GLW closed higher 55.17% 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 56.90% with an average market move of 0.73%.