GLW closes within prior day's range
Corning Incorporated (GLW) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, GLW ended the month 19.69% higher at 31.00 after losing $0.12 (-0.39%) today, strongly underperforming the S&P 500 (0.77%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (GLW as at Jul 31, 2020):
Friday's trading range has been $0.71 (2.29%), that's slightly above the last trading month's daily average range of $0.70. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for GLW.
Three candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and two bearish patterns, the Bearish Spinning Top and the Hanging Man. The last time a Bullish Hikkake Pattern showed up on June 18th, GLW actually lost -2.38% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 31.82 where further buy stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Corning Incorporated. Out of 296 times, GLW closed higher 52.70% 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 57.77% with an average market move of 0.84%.