Based on good technical signals, CORNING INC is potentially setting up for a breakout.

We've identified CORNING INC (NYSE:GLW) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:GLW for further developments.

In-Depth Technical Analysis of NYSE:GLW

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to GLW. In the last year, GLW was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• Looking at the yearly performance, GLW did better than 89% of all other stocks. We also observe that the gains produced by GLW over the past year are nicely spread over this period.
• GLW is part of the Electronic Equipment, Instruments & Components industry. There are 127 other stocks in this industry. GLW outperforms 78% of them.
• 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.
• In the last month GLW has a been trading in the 46.38 - 50.00 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of GLW for a complete technical analysis.

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:GLW currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, GLW 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 49.57. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 47.75, 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.

Trading setups like 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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.