- 11/24/2023 -
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Corning Inc. (GLW) Technical Analysis
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|It was the negative week for the Corning Inc. (GLW). During the week, the GLW gave back -0.28 points, or -0.98%, and closed at 28.20 on Friday, November 24, 2023. Weekly volume was -34% below 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 25.26 on October 24, 2023. GLW lost 21.56 points, or 46.05%, in 130 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 20.62 and resistance is at 33.38. 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 downtrend had started on June 16, 2023 at 36.01 and reached 25.26 on October 24, 2023. GLW lost 10.75 points, or 29.85%, in 18 weeks. The price is now at the 27.35% retracement level.
Weekly Technical Indicators: [See GLW weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since August 11, 2023. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
Short-term trend: [See GLW short-term trend chart]
A short-term uptrend had started on October 24, 2023 at 25.26 and reached 29.19 on November 15, 2023. GLW gained -3.93 points, or -15.56%, in 22 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Daily Technical Indicators: [See GLW daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since October 31, 2023. This is an indication that the short-term trend is up.
A Parabolic SAR (stop and reversal) indicator (28.03) comes close to the price (28.20). It indicates that the trend is getting weaker. 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.