Corning (GLW) is breaking out on the top side from an eight-month consolidation pattern.
This daily chart, above, shows prices rallying above the flat 50-day and 200-day moving averages. Prices are now poised to make a new high close for the move up while also breaking above the peaks made in November/December and February. A close above these highs with expanding volume is just what the doctor ordered. The On-Balance-Volume (OBV) line is inching up, suggesting that buyers are more aggressive. The volume of GLW traded higher on days when GLW closes higher. The Moving Average Convergence Divergence (MACD) oscillator is rising and above the zero line -- a plus for the bulls.
This longer-term chart of GLW, above, has some positive signals. Prices are above the 40-week moving average line, and the OBV line is steady. The MACD oscillator is rising and above the zero line. We like the long side of GLW, and are looking for an advance to the $21 to $22 area for starters.