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
- CCTV Camera Captures Moment Of Istanbul Airport Explosion As Suicide Attacker Blows Himself Up | ZeroHedge
- EURO UNDeRTaKeR... | ZeroHedge
- Why Barclays Thinks The V-Shaped Recovery Is Dead: "Massive Redemptions Are Coming" | ZeroHedge
- WTI Jumps Above $48 After Bigger Than Expected Crude Inventory Draw | ZeroHedge
- Economic Predictions for Summer 2016: The Epocalypse Keeps Crashing | ZeroHedge
- "Helpless In The Face Of British Chaos" - What French And German Newspapers Are Saying Today | ZeroHedge
- Why The Vast Majority Of Analysts Were Caught With Their Pants Down On Brexit | ZeroHedge
The most relevant financial news and articles from the Internets
- 21 uses for the most 'fascinating metal in existence' | Business Insider
- 7 behaviors to give up if you want to be happier | Business Insider
- Palantir, the War on Terror's Secret Weapon | BusinessWeek
- The partnership of the future | Business Insider
- American Express is getting into one of the hottest trends in... | Business Insider
- You can now read J.K. Rowling's latest short story that takes place in the... | Business Insider
- Turkey's Erdogan apologized to Putin... | Business Insider