GLW closes within prior day's range after lackluster session
Corning Incorporated (GLW) Technical Analysis Report for Jul 16, 2019 | by Techniquant Editorial Team
GLW ended Tuesday at 33.30 losing $0.07 (-0.21%) on low volume, but still slightly outperforming the S&P 500 (-0.34%). Trading $0.17 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 previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (GLW as at Jul 16, 2019):
Tuesday's trading range has been $0.34 (1.02%), that's below the last trading month's daily average range of $0.49. 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.
After moving higher in the previous session, Corning Incorporated closed lower but above the prior day's open today, forming a bearish Harami Candle. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After having been unable to move above 33.42 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 33.49. The last time this happened on June 28th, GLW actually gained 2.68% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Its common bearish interpretation has been confirmed for Corning Incorporated. Out of 207 times, GLW closed lower 52.17% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after five trading days, showing a win rate of 52.17% with an average market move of -0.11%.