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
- The End Game Continues: Austria Repatriates Gold | ZeroHedge
- Artists's Impression Of This Week's US Foreign Policy Meeting | ZeroHedge
- Central Banks, Interest, Bailout Barometer | Financial Sense
- Many of You Are Gonna Need to Shut Up | iBankCoin.com
- Asia Scholar Lays Out "Three Ways China And The US Could Go To War" | ZeroHedge
- Billionaire Hedge Fund Manager Paul Singer Reveals The "Bigger Short" | ZeroHedge
- Venezuela Solves Toilet Paper Shortage As Inflation Surpasses 100% | ZeroHedge
The most relevant financial news and articles from the Internets
- These are the secret rules for getting your app to the top of Apple’s App Store (AAPL... | Business Insider
- Researchers may have found a ridiculously simple trick to being being happy and... | Business Insider
- A long-time Google exec explains how Larry Page has changed over the years (GOOG) | Business Insider
- Kabul gunbattle ends with four attackers killed: govt | Business Insider
- This tech CEO is doing something that's... | Business Insider
- The most immersive virtual reality experiences are going to be incredibly expensive and... | Business Insider
- 10 things in tech you need to know today (GPRO, GOOG, AAPL, YHOO, FB) | Business Insider