Trading Idea - Key levels for Corning

Published on Friday, 27 August 2010 04:52 Written by TradersHuddle Staff

New York, August 27th (TradersHuddle.com) - Shares of Corning, Inc. (NYSE:GLW) are trading very close to calculated support at $15.47 with current price action closing at just $15.81 places the stock price near levels where traders will start paying attention.

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 current 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 should place close attention to Corning's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $19.39 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.