Corning (GLW) was reviewed in early August, where we said, "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." With hindsight we can see that GLW resumed its rally in the second half of August and has not looked back. Now that GLW is knocking on the mid-$30's a fresh look at the charts seems to be in order.
In this daily bar chart of GLW, below, we can see how prices are above the rising 50-day moving average line and comfortably above the bullish 200-day line. The On-Balance-Volume (OBV) line has been trending up from the middle of August and confirms the price rally with aggressive buying. The Moving Average Convergence Divergence (MACD) oscillator just turned higher with a fresh go long signal.
In this weekly bar chart of GLW, below, we can see how effective the 40-week moving average line has been in participating in this bull move the past two years. The weekly OBV line is strong as is the MACD oscillator.
In this weekly Point and Figure chart of GLW, below, we can see the uptrend and a price target in the $38 area.
Bottom line -- traders and investors who are long GLW should continue to hold and add to longs if they want. Risk a close below $31 now and look for gains into the $38-$40 area.