Corning Incorporated (NYSE:GLW) – Strong support in $21.50-$22.50 band

Corning Incorporated (NYSE:GLW) had a positive day with nearly 2% gain, after the sharp correction in the last few days. The stock has received “buy” rating from a division of Thomson Reuters, First Call Corporation though it has not helped the stock a lot this week. Since the last Friday, the stock ended only one session in the green and all the rest in deep red.

Technical analyst have identified strong buy signals in GLW.

The perception of the street regarding Corning Incorporated (NYSE:GLW) is best expressed as mixed. Zacks retains the rating of “hold” while JP Morgan keeps it at overweight with a price target of $27, raised from the earlier $26. The opinions are mainly divided by 8 “hold” ratings against 5 “strong buy” ratings from the analysts.

GLW

Now a single glance at the weekly charts clearly shows the excellent recovery of the stock from the multi-year depths registered in 2012. The end of the bear market of 2011-12 was marked by a Double Bottom at the $10.60-70 levels. A move above $14 was the trigger and the first higher swing high in a long time. The entire rally took the form of Rounded Bottom pattern and that kept pushing the price up.

2014 saw a sharp correction but the quality of the recovery expressed enough bullish strength to expect much higher levels in the coming months. Historically, a very strong supply area can be expected at the region of $28-$30 and even the long term investors may take a cautious stand at that point of time.

The latest short term correction has broken the channel containing the rally and signals a probable sideways phase, a pause. If $22.50 remains unbroken, then an immediate bounce back can’t be ruled out. If the correction gets any deeper, even then the area around $21.50 may see some strong buyers coming up.

 

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David Barry

David Barry

Barry is a senior journalist at Us Markets Daily. He reports, shoots and edits many of his own stories by himself.