Corning Awakens

Corning (GLW) is beginning to show signs that a healthy rally may be brewing. The stock has been a laggard for many months and is still trading very near its 2011 lows, but recent action may indicate that a catch-up move could begin soon. The technology-based company is trading 3% higher at midday and is attempting to take out a key overhead trendline. Last week, Corning was re-testing multi month lows near the $12.60 area, and this morning's rally puts it up 10% from this major support zone.

The bear move from last year's peak cut Corning in half, dropping it all the way down to $11.50. The bottom was reached on Oct. 4, 2011, and along with the broader market, the stock mounted a healthy rebound the following day. Corning rallied up to the $15.50 area, taking out a very heavy 50-day moving average with the help of heavy trade along the way. The bounce carried the stock more than 30% higher by the end of the month....406 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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