Good technical signals and a possible breakout for CORNING INC.

Our stock screener has spotted CORNING INC (NYSE:GLW) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:GLW.

Zooming in on the technicals.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, GLW scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, GLW is only an average performer.

• The long and short term trends are both positive. This is looking good!
• GLW is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so GLW is lagging the market slightly.
• When comparing the performance of all stocks over the past year, GLW turns out to be only a medium performer in the overall market: it outperformed 49% of all stocks.
• GLW is part of the Electronic Equipment, Instruments & Components industry. There are 128 other stocks in this industry, GLW did better than 58% of them.
• In the last month GLW has a been trading in a tight range between 31.81 and 33.56.

Our latest full technical report of GLW contains the most current technical analsysis.

How does the Setup look for NYSE:GLW

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:GLW this score is currently 9:

GLW has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 33.14. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 32.90, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for GLW in the last couple of days, which is a good sign.

How to trade NYSE:GLW?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.