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
- "Confidence Is Lost": Fred Hickey Says "Bear Market Will Last Until QE4" | ZeroHedge
- Scope For Gold To Extend Much Higher Than $1200 Over Time, Goldman Says | ZeroHedge
- Deutsche Bank Is Back: 5 Year Sub CDS Soar To Record High | ZeroHedge
- Could Gasoline Drop Below $1 Per Gallon? | ZeroHedge
- "Negative Rates Are Dangerous" OECD Chair Warns "Our Entire System Is Unstable" | ZeroHedge
- "Buy High, Sell Low" - The Psychology Of Loss | ZeroHedge
- Hilsenrath: Yellen's Comments Have A "Downbeat Undertone" | ZeroHedge
The most relevant financial news and articles from the Internets
- Sears' total collapse 'is a matter of when not if' | Business Insider
- This gorgeous new game perfectly demonstrates how great games can tell incredible stories | Business Insider
- Researchers discovered 5 things we didn’t know about how we type | Business Insider
- The bankruptcy business is booming | Business Insider
- Stephen Curry took his game to another level by mastering an intense routine of core and leg exercises | Business Insider
- Donald Trump had a monster night — here's how he did it | Business Insider
- There's a way businesses can make 15% more money — but a surprisingly low number of... | Business Insider