Corning Makes Rounded Top

By | September 29, 2014

A rounded top has formed on the weekly chart of Corning (GLW) with horizontal support at the $19.47 July low. The momentum indicators have rolled over, as has the 10 week (50 day) moving average, which is nearing a “death cross” with the 40 week (200 day) average. Volume dropped off during this potential topping process and Chaikin money flow is negative. The technical conditions are similar on the daily chart. A close below horizontal support is a short entry point with a position size that accommodates an initial buy-to-cover stop above the $21.00 level.

29. GLW weekly chart

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