Corning Can Still Grow

 | Aug 03, 2017 | 2:27 PM EDT
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Corning (GLW) was reviewed about a month ago, and we saw a bullish set of charts and indicators. We concluded our write-up on Real Money with, "GLW continues its bull trend. Longs should now raise their sell stop protection to a close below $28.25."

Prices have declined recently but we have not been stopped out. Is this the time to buy more? Let's check our charts and indicators.

In this daily bar chart of GLW, above, we can see a quick $3 pullback late last month. Prices closed below the rising 50-day moving average line and there has been once retest of the average line from below. Prices are still above the rising 200-day moving average line. The daily On-Balance-Volume (OBV) line has risen the past 12 months, telling us that buyers of GLW have been more aggressive.

There is a slight dip in the OBV line recently, but we don't have enough information to clearly say sellers have taken over. The Moving Average Convergence Divergence (MACD) oscillator is in a take-profits sell mode. The oscillator may or may not break the zero line for an outright sell signal.

In this weekly bar chart of GLW, above, we have all bullish signals. Prices are above the rising 40-week moving average line, but not too far above. The weekly OBV line is bullish, as it has been since August 2015. The MACD oscillator is well above the zero line, but a take-profits signal can be seen.

In this Point and Figure chart, above, we can see the durable uptrend. A rally back to $30.41 should improve the near-term picture. Price targets measure to the $35-$36 area.

Bottom line: I still like the long side of GLW and look for further gains to the mid-$30s. Because the OBV line did not weaken substantially, I look for GLW to resume its rally very soon.

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