Corning is ready to break out (GLW)

Corning Chart

Shares of Corning have been building a base since hitting bottom back in October. Share price should be ready to break out of the ascending triangle soon.

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.

MASTERY Bottom Line (Master Po Style)Bottom line:

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.

corning chart

Disclaimer: Long GLW @ $12.98

Thanks to today's decline we are hoping GLW keeps falling so we can buy in at a lower entry point.


Mastery has the target at $12.50.  If we really hit shitsville and the sky drops, expect GLW to get as low as $12.00


Thank you market correction.

This article just came out today...

Is Being King of the Mobile Jungle Worth It?
By Alex Planes, The Motley Fool

Corning (NYS: GLW) began shipping its updated Gorilla Glass 2 to major partners in the past week. The original Gorilla Glass turned Corning from mere glassmaker to technology enabler when selected for Apple's (NAS: AAPL) first-generation iPhones, but that hasn't been rewarding for shareholders despite broad improvement in the company's key numbers. Can the rollout of this newer, thinner glass position Corning in the sweet spot of a more profitable mobile explosion and finally turn its fortunes around?  Continue..

source: http://www.dailyfinance.com/2012/03/01/is-being-king-of-the-mobile-jungl...

 

Yeah I saw that article earlier. Pretty good article except he doesn't mention Lotus Glass and the partnership with Samsung.

Lotus Glass is the stuff that's straight out of Minority Report. Check out this article and video.

http://www.electronista.com/articles/12/02/05/corning.day.made.of.glass.2.previews.far.future/

It's also bendable.

from Corning: “Corning Gorilla Glass is a cover glass for the exterior of display devices, while Corning Lotus Glass is a glass substrate that can enable cutting-edge technologies including organic light-emitting diode (OLED) displays and next generation liquid crystal displays (LCD) and panels. Therefore, many electronic devices could feature both Corning Gorilla Glass and Corning Lotus Glass. While they are formed with the same manufacturing process, the chemical compositions of the glass are also different.”

Production of Lotus Glass begnins in Q4 '12