The Greedy Trader Weekly Analysis
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Uptrend Support
Uptrend Support stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Support stock alert indicates that price is near long-term support trendline and probability of short-term trend reversal is high. The strategy here is to take advantage of established uptrend price pullback and entering the long position just prior to the continuation of the trend. The strategy has relatively low risk.
Technical analysis of stock trend chart following long term trend analysis and trend following indicator for uptrend support trend trading. Technical analysis of stock trend and uptrend support trend trading.
trend trading,trend following,stock trend chart,technical analysis of stock trend,trend following indicator,following long term trend,uptrend support

Corning Inc. (GLW)

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Summary:
Weekly :Overbought sectorLane's Stochastic oversoldWilliams' Percentage Range is strongly oversoldStochastic has raised above the signal lineBroken trend support line
Daily :The price has fallen below the Parabolic SARWilliams' Percentage Range is oversold
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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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.61
Williams' Percentage Range (W%R) 81.50
Oversold
Lane's Stochastic (%D-Slow) 38.97
Greed/Fear Indicator (GFI) 36.03
Moving Average Converg./Diverg. (MACD) -0.63
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 34.81
Williams' Percentage Range (W%R) 92.00
Strong Oversold
Lane's Stochastic (%D-Slow) 12.18
Oversold
Greed/Fear Indicator (GFI) 21.26
Moving Average Converg./Diverg. (MACD) -0.20
Trading Signals
Description Value Chart
Yearly Trendline Resistance 35.62
Quarterly Trendline Support 35.11
Weekly Trendline Resistance 34.90
50 Day Moving Average 32.89
Parabolic System 32.87
Upper Bollinger Band 32.75
Price 31.53
20 Day Moving Average 31.38
Daily Stochastic Crossing 31.25
Weekly Stochastic Crossing 31.06
Lower Bollinger Band 30.53
Weekly Trendline Support 29.58
Sector and Industry
Description Name Rank
Sector Information Technology 12
Industry Electronic Components 25
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 30.60
Low Date 05/16/2023
High 32.88
High Date 05/24/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 34.90
Support 29.58
High 35.38
High Date 03/31/2023
Low 30.60
Low Date 05/16/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 37.10
High Date 01/30/2023
Low 30.60
Low Date 05/16/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 40.11
Support 35.11
Low 28.98
Low Date 09/30/2022
High 37.10
High Date 01/30/2023
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 35.62
Support 24.21
High 46.82
High Date 04/26/2021
Low 28.98
Low Date 09/30/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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