Bears Appeared - Corning

Published on Friday, 27 August 2010 01:33 Written by TradersHuddle Staff

New York, August 27th (TradersHuddle.com) - Shares of Corning, Inc. (NYSE:GLW) ended the trading session lower by $0.37 or -2.29% from its previous close. Corning's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Corning's (NYSE:GLW) principal activity is to produce optical fiber and cable, as well as, specialized products utilizing glass. It produces glass substrates for active matrix liquid crystal displays used in notebook computers, monitors, and LCD televisions. The company also producing optical fiber and cable, and hardware and equipment. The Life Science segment produces laboratory products, which includes microplate products, coated slides, filter plates for genomics sample preparation, plastic cell culture dishes, flasks and others.

Corning's current stock range is defined by calculated support defined at $15.47 and by the resistance level at $19.39, which should be used by traders planning their trades.

Traders wanting to establish a position in Corning stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Corning shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: