GLW unable to break through key resistance level
Corning Incorporated (GLW) Technical Analysis Report for Jul 03, 2019 | by Techniquant Editorial Team
GLW finished Wednesday at 33.75 gaining $0.04 (0.12%) on low volume, underperforming the S&P 500 (0.77%) ahead of tomorrow's Independence Day market holiday. Trading $0.14 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. 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 Jul 03, 2019):
Wednesday's trading range has been $0.32 (0.95%), that's below the last trading month's daily average range of $0.53. 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.
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. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on May 16th, GLW lost -1.93% on the following trading day.
Unable to break through the key technical resistance level at 33.90 (R1), Corning Incorporated closed below it after spiking up to 33.92 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. After having been unable to move lower than 33.56 in the previous session, the stock found buyers again around the same price level today at 33.60.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could accelerate should prices move above the close-by swing high at 34.26 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 33.56 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Corning Incorporated. Out of 644 times, GLW closed higher 52.95% 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 53.88% with an average market move of 0.63%.