Corning (GLW) has rallied from late 2015 to break over its early 2015 highs. All good, but a move over the highs of 2007 and 2008 could soon give us a breakout from a very long base pattern.
In this daily bar chart of GLW going back 12 months, above, we can see a pretty "dependable" rally, with prices spending much of the time above the rising 50-day moving average line and all the time above the rising 200-day moving average.
The On-Balance-Volume (OBV) line has been rising the past year, confirming the price strength with signs of accumulation and aggressive buying. In the lower panel, the momentum indicator is not diverging from the price action and thus not suggesting that the pace of the rally is slowing.
Our usual three-year weekly chart did not show us what we needed to point out on GLW, so we used a 10-year chart, above. In this long-term chart you can see that prices are testing old resistance from 2007 and 2008.
Prices are above the rising 40-week moving average line. The weekly OBV line has been rising since late 2008 and potentially tells us that a really important upside breakout is coming. The moving average convergence divergence (MACD) oscillator is also bullish.
In this very long Point and Figure chart of GLW, above, we see prices going back to 2004. Prices are emerging from a huge base, which gives us an initial upside target of $48.
Bottom line: traders and investors could go long GLW here and they can add on strength or a close above $27. I would have a stop loss below $24 for now.