GLW Chart Discussion

Posted by Blain Reinkensmeyer
January 30, 2007 at 9:18 pm

I like this setup that Corning Inc (GLW) is putting together. The stock isn’t in the hottest of industry’s right now, but the technicals look nice for a short term play. After trading over 65 million shares just last week and surging to nearly $21, the stock has started to fall back naturally on lower than average volume. What I want to see is the stock move to the black box and line I have drawn, as it should receive support in here. Buying at $20 I would look for a move to about $21.90, and setup for an RR of 4-5.