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Corning's Shares Changing Hands at Lower Prices on 1.3x Above-Average Volume (GLW)

Published on Mon, 01/28/2013 - 14:13
By Peter Chu

Shares of Corning are trading today in above average volume, with the share price falling 1.6% to $12.05. Today's volume of 18.8 million shares tops the average 30-day volume of 14.5 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

Over the past year, Corning has traded in a range of $10.62 to $14.58 and is now at $12.05, 13% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.6%.

Corning Incorporated is a global, technology-based company. The Company produces optical fiber, cable, and photonic components for the telecommunications industry, as well as manufactures glass panels, funnels, liquid crystal display glass and projection video lens assemblies for the information display industry.

There is potential upside of 21.6% for shares of Corning based on a current price of $12.05 and an average consensus analyst price target of $14.65. The stock should run into initial resistance at its 50-day moving average (MA) of $12.25 and subsequent resistance at its 200-day MA of $12.57.

By Peter Chu
pchu@fnno.com