GLW pops to highest close since March 10th
Corning Incorporated (GLW) Technical Analysis Report for May 27, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, GLW ended Wednesday at 23.33 gaining $0.85 (3.78%) on high volume, notably outperforming the S&P 500 (1.48%). Today's close at 23.33 marks the highest recorded closing price since March 10th. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (GLW as at May 27, 2020):
Wednesday's trading range has been $0.64 (2.79%), that's slightly below the last trading month's daily average range of $0.69. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly 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.
Crossing above the upper Bollinger Band for the first time since April 29th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 21.12 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on April 28th, GLW gained 1.54% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Corning Incorporated. Out of 66 times, GLW closed higher 51.52% 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 63.64% with an average market move of -0.05%.