Corning Headed for a Breakout

Corning (GLW) appears headed for a breakout today. The stock is trading at fresh 2013 highs with the help of a 3% jump today. Volume is running heavy and will finish the day with an above-average performance. The consolidation GLW has been tracing out since the mid-December peak appears to have ended with an upside move.

Corning (GLW) Source: TradeStation View Chart » View in New Window »

Corning exploded higher last Thanksgiving after reporting stronger-than-forecast sales of LCD glass. GLW bolted 7% on the news with the help of a huge ramp in volume. Three weeks later the stock ran into heavy resistance near the major Oct. 24 breakdown gap. This level, just above $13, capped the upper tier of the consolidation that included the last three monthly highs. This month, GLW's range has narrowed while volume has continued its mid-February volume decline. With added support coming from both the 50- and 200-day moving average, the stock has been setting up well for a breakout since March 1....119 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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