GLW closes higher for the 2nd day in a row
Corning Incorporated (GLW) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, GLW finished the month 13.65% higher at 25.90 after gaining $0.22 (0.86%) today on low volume, underperforming the S&P 500 (1.54%).
Daily Candlestick Chart (GLW as at Jun 30, 2020):
Tuesday's trading range has been $0.61 (2.39%), that's below the last trading month's daily average range of $0.85. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for GLW.
Regardless of a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on March 6th, GLW actually lost -8.20% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical resistance level at 26.06 (R1). After having been unable to move lower than 25.41 in the previous session, Corning Incorporated found buyers again around the same price level today at 25.44.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could speed up should prices move below the nearby swing low at 25.11 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Corning Incorporated. Out of 71 times, GLW closed lower 59.15% 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 10 trading days, showing a win rate of 54.93% with an average market move of -0.67%.