Beautiful Cup and Handle Forming on GLW
Disclosure: Long shares of GLW since $17.39
A textbook cup and handle looks to be forming on Corning's daily chart with a trough to cup height of about $1. Volume has been confirming on the move upwards with a series of higher highs and lower lows. I expect a little bit of resistance here as a handle forms and then a break to new highs with a target of $19. Watch volume and the stock's relative strength in this volatile market for a better indicator. The long consolidation period above the gap has allowed the moving averages to catch up providing great support levels for the stock as well.
A textbook cup and handle looks to be forming on Corning's daily chart with a trough to cup height of about $1. Volume has been confirming on the move upwards with a series of higher highs and lower lows. I expect a little bit of resistance here as a handle forms and then a break to new highs with a target of $19. Watch volume and the stock's relative strength in this volatile market for a better indicator. The long consolidation period above the gap has allowed the moving averages to catch up providing great support levels for the stock as well.
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