Near Key Levels: Corning
Published on Friday, 25 January 2013 08:32 Written by TradersHuddle Wire
New York, January 25th (TradersHuddle.com) - Corning, Inc. (NYSE:GLW) closed the the trading session at $12.16, near its 50 day and 200 day moving averages currently set at $12.23 and $12.57 respectively. Corning's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.
Corning, Inc. (NYSE:GLW) produces optical fiber and cable, as well as, specialized products utilizing glass. It manufactures 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.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $11.99 and resistance at $13.00. Traders should monitor these levels, as they provide insight into the latest price dynamics in Corning.
If traders want to establish a position on Corning, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.
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