GLW closes higher for the 2nd day in a row
Corning Incorporated (GLW) Technical Analysis Report for Jul 15, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, GLW ended Monday at 33.37 gaining $0.36 (1.09%) on low volume, notably outperforming the S&P 500 (0.02%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 33.10, the stock confirmed its breakout through the prior session high after trading up to $0.32 above it intraday.
Daily Candlestick Chart (GLW as at Jul 15, 2019):
Monday's trading range has been $0.43 (1.3%), that's slightly below the last trading month's daily average range of $0.50. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for GLW.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on July 12th, GLW gained 1.09% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven 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 302 times, GLW closed higher 52.65% 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 54.64% with an average market move of 0.53%.