Corning (GLW) has spent the better part of the past six weeks trading above the 50-day simple moving average (SMA) and, provided it can close above $19.05, looks good to break into the low-$20s. My guess is GLW has favorable odds of trading toward $21, but that, as you can probably imagine, will largely depend on the broader market sustaining a break above its early-November swing highs. A close under $17.5-$18 would be a deal killer for any bulls.
Apple (AAPL), which is a holding of the Action Alerts PLUS portfolio co-managed by Jim Cramer, continues to struggle with its 30-week SMA, but a strong weekly close above that figure would have me paying a bit more attention to the stock on the long side. For reference purposes, I would define a strong weekly close as a candlestick displaying little to no upper shadow, wick or (bullish) excess.
I would never label Ambarella (AMBA) an attractive stock (technically speaking). However, for those continuing to bottom fish in the name, be aware a close under the eight-day exponential moving average (EMA) would have me looking for the current rally to fizzle in a hurry. If you're especially convicted to the long side, consider the 50-day SMA to be your line in the sand. But for my money, I'd run if the stock closes beneath the eight-day EMA.
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