Reference Points for Corning

Published on Friday, 19 March 2010 07:28 Written by TradersHuddle Staff

New York, March 19th (TradersHuddle.com) - Shares of Corning, Inc. (NYSE:GLW) closed the trading day at $19.24 very close to its 50 day moving average currently set at $18.5324. Corning's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $16.75 and calculated resistance at $18.64. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Corning will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other ley levels that might affect their upside or downside.