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TMCNet: Watch for Shares of Corning (GLW) to Approach Resistance at $12.45

[December 04, 2012]

Watch for Shares of Corning (GLW) to Approach Resistance at $12.45

Dec 04, 2012 (SmarTrend(R) News Watch via COMTEX) -- Corning (NYSE:GLW) has opened bullishly above the pivot of $12.20 today and has reached the first level of resistance at $12.31. Analysts will be watching for a cross of the next upside pivot targets of $12.45 and $12.70.


In the past 52 weeks, Corning share prices have been bracketed by a low of $10.62 and a high of $14.62 and are now at $12.36, 16% above that low price. The 200-day and 50-day moving averages have moved 0.29% lower and 0.05% lower over the past week, respectively.

Potential upside of 16.5% exists for Corning, based on a current level of $12.36 and analysts' average consensus price target of $14.40. The stock should find initial resistance at its 50-day moving average (MA) of $12.68 and further resistance at its 200-day MA of $12.96.

SmarTrend is monitoring the recent change of momentum in Corning. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Corning in search of a potential trend change.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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