Corning is ready to break out (GLW)
Corning (GLW) the maker of Gorilla Glass has a very low downside potential as long as the market cooperates. The bottom of the triangle right now is about $12.85, where we expect to see some strong support.
The 200 day Moving Average is slowly making a move down to the 50 day moving average as the base builds. Soon, we expect a golden cross (50 day moving Average Crosses the 200 day MA) as share price breaks out of the wedge pattern.
At this point GLW should have a huge pocket of air to run up in - but expect some resistance at $15.80. However, if the market is still trending upwards GLW could easily break through this into the next level of resistance around $18.80.
We believe that GLW is trading at about half of what it should be right now. Get in now before everyone else realizes it. Place your stops at $12.50.
Recall we talked up Corning back in January in Stock to Buy on Weakness: Corning. The stock made a nice run from $12.60 to $14.62. Its very probable GLW repeats this trend again in the coming months.
Disclaimer: Long GLW @ $12.98
Best of the Blogs
Scanning and identifying the best blog entries every hour
- This is How We Roll | iBankCoin.com
- "Off The Grid" Indicators Suggest US Economy Not Ready For 'Liftoff' | ZeroHedge
- Paul Craig Roberts Rages: Truth Is Now A Crime Against The State | ZeroHedge
- US Police More Concerned About "Anti-Government" Domestic Extremists Than Al-Qaeda, Study Finds | ZeroHedge
- "The Fallout Ratio" Is Flashing Red - The Chart That Realtors Don't Want You To See | ZeroHedge
- Merkel Addresses German Parliament: Key Points | ZeroHedge
- Is Saudi Arabia Leaving The U.S. Behind For Russia? | ZeroHedge
The most relevant financial news and articles from the Internets
- We're fast approaching a 'post-antibiotics era' and it isn... | Business Insider
- Payments-tech companies like PayPal and Square are moving aggressively... | Business Insider
- It turns out the NSA was collecting voice... | Business Insider
- UN watchdog chief to Iran as nuclear talks extended | Business Insider
- I got a rare reaction to a routine shot — but I... | Business Insider
- After-Hours Stock Movers... | StreetInsider.com
- Whole Foods CEOs admit to charging customers too much | Business Insider