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Corning Inc. (GLW) |
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| Summary:
| | Weekly :   | | Daily :
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| | It was a second positive week after 4 consecutive negative weeks for the Corning Inc. (GLW). During the week, the GLW climbed 0.21 points, or 0.67%, and closed at 31.53 on Friday, May 26, 2023. Weekly volume was 29% above average.
GLW is a member of Information Technology Sector. Information Technology is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See GLW long-term trend chart]
A long-term downtrend had started on April 26, 2021 at 46.82 and reached 28.98 on September 30, 2022. GLW lost 17.84 points, or 38.10%, in 74 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 24.21 and resistance is at 35.62. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.
 Medium-term trend: [See GLW medium-term trend chart]
A medium-term uptrend had started on September 30, 2022 at 28.98 and reached 37.10 on January 30, 2023. GLW gained -8.12 points, or -28.02%, in 17 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (35.11) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. GLW may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
 Weekly Technical Indicators: [See GLW weekly technical indicators chart]
Weekly Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold weekly Lane's Stochastic or strongly oversold weekly Williams' Percentage Range. During the last week, weekly Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is below its signal line since March 10, 2023. The distance between MACD and the signal line is relatively high, but getting smaller. Use the following link to access a MACD help.
Short-term trend: [See GLW short-term trend chart]
A short-term downtrend had started on March 31, 2023 at 35.38 and reached 30.60 on May 16, 2023. GLW lost 4.78 points, or 13.51%, in 46 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 29.58 and resistance is at 34.90. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See GLW daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range.
The daily MACD line is above its signal line since May 18, 2023. The distance between MACD and the signal line is low, but getting bigger.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
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