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- 3/15/2024 -
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Corning Inc. (GLW) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overboughtTrend resistance at 32.18
Daily :The price has fallen below the Parabolic SARPrice is near the Fibonacci 23.6% retracement levelThe price is close to the moving average in the center of the Bollinger BandsThe period of low volatility of the stock price
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It was the negative week for the Corning Inc. (GLW). During the week, the GLW gave back -0.20 points, or -0.61%, and closed at 32.51 on Friday, March 15, 2024. Weekly volume was -6% below average.

GLW is a member of Information Technology Sector. Information Technology is the second 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 Falling Channel chart pattern. The price is near the trend resistance line (32.18). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See GLW medium-term trend chart]
A medium-term downtrend had started on January 30, 2023 at 37.10 and reached 25.26 on October 24, 2023. GLW lost 11.84 points, or 31.91%, in 38 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 20.20 and resistance is at 33.89. 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 medium-term trend.

Weekly Technical Indicators: [See GLW weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 link to access Williams' Percentage Range help.

The weekly MACD line is above its signal line since December 8, 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 4, 2024 at 33.56 and reached 32.22 on March 14, 2024. GLW lost 1.34 points, or 3.99%, in 10 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 below its signal line since March 4, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term downtrend is getting stronger.

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.

The price is close to the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is falling, and it was 3.94% on Friday. It is 57.85% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.00
Williams' Percentage Range (W%R) 60.10
Lane's Stochastic (%D-Slow) 42.29
Greed/Fear Indicator (GFI) 44.06
Moving Average Converg./Diverg. (MACD) 0.33
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 79.62
Williams' Percentage Range (W%R) 17.10
Overbought
Lane's Stochastic (%D-Slow) 66.75
Greed/Fear Indicator (GFI) 68.74
Moving Average Converg./Diverg. (MACD) -0.04
Trading Signals
Description Value Chart
Monthly Trendline Resistance 34.36
Quarterly Trendline Resistance 33.89
Parabolic System 33.57
Upper Bollinger Band 33.09
Weekly Stochastic Crossing 32.60
Daily Stochastic Crossing 32.57
20 Day Moving Average 32.56
Price 32.51
Monthly Trendline Support 32.37
Yearly Trendline Resistance 32.18
Lower Bollinger Band 31.83
50 Day Moving Average 31.75
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Electronic Components 99
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 33.04
High Date 03/13/2024
Low 32.22
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 33.56
High Date 03/04/2024
Low 32.22
Low Date 03/14/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Support
Resistance 34.36
Support 32.37
Low 25.26
Low Date 10/24/2023
High 33.87
High Date 01/30/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 33.89
Support 20.20
High 37.10
High Date 01/30/2023
Low 25.26
Low Date 10/24/2023
Description Value
Direction Down
Chart Pattern Falling Channel
Status Test Resistance
Resistance 32.18
Support 22.51
High 46.82
High Date 04/26/2021
Low 25.26
Low Date 10/24/2023
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.