Corning Inc. (GLW) has continued to rally since our last update. While we had our reservations about the strength of the advance, our strategy was the right way to go -- "while there are some signs that the rally could be running out of steam, the price of GLW is still pointed up. What is an investor to do? The last price low on the daily chart is around $26.50, so I would suggest raising sell stops to a close below $26.50."
Looking back, we can see that our concerns about the durability of the rally and the overhead resistance have not translated into more aggressive selling.
In this updated daily bar chart of GLW, above, we can see that prices dipped slightly to retest the rising 50-day simple moving average line, but have gone on to new highs. The daily On-Balance-Volume (OBV) line has moved up to a confirming new high of its own.
The trend-following Moving Average Convergence Divergence (MACD) oscillator was pointed down earlier in the month, but it has since turned up and crossed to a fresh go long signal.
In this updated weekly bar chart of GLW, above, we can see that prices are still pointed up, above the rising 40-week moving average line. The weekly OBV line has continued to make new highs, signaling further aggressive buying, while the MACD oscillator on this timeframe looks like it is still bullish.
Bottom line: GLW continues its bull trend. Longs should now raise their sell stop protection to a close below $28.25.