GLW pushes through Wednesday's high
Corning Incorporated (GLW) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, GLW finished Thursday at 21.81 gaining $1.56 (7.7%) on low volume, notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 21.04, Corning Incorporated confirmed its breakout through the prior session high after trading up to $0.92 above it intraday.
Daily Candlestick Chart (GLW as at Mar 26, 2020):
Thursday's trading range has been $2.05 (10.1%), that's slightly above the last trading month's daily average range of $1.75. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher 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 Tuesday, GLW gained 1.15% on the following trading day.
Prices are trading close to the key technical resistance level at 22.62 (R1).
While the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the close-by swing high at 21.99 where further buy stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Corning Incorporated. Out of 748 times, GLW closed higher 52.01% 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 five trading days, showing a win rate of 54.01% with an average market move of 0.08%.