Corning Incorporated Stock Forecast
On Tuesday, Corning Incorporated stock price gained an impressive 5.03%
(Updated on Apr 30, 2024)
The Corning Incorporated stock price gained 5.03% on the last trading day (Tuesday, 30th Apr 2024), rising from $31.78 to $33.38. During the last trading day the stock fluctuated 4.26% from a day low at $33.06 to a day high of $34.47. The price has been going up and down for this period, and there has been a 7.96% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 12 million shares were bought and sold for approximately $412.96 million.
Given the current horizontal trend, you can expect Corning Incorporated stock with a 90% probability to be traded between $30.43 and $32.92 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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GLW Signals & Forecast
The Corning Incorporated stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $31.78 and $32.16. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 7.99%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Corning Incorporated stock
Corning Incorporated finds support from accumulated volume at $32.69 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.41 between high and low, or 4.26%. For the last week the stock has had daily average volatility of 1.98%.
Our recommended stop-loss: $32.12 (-3.78%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (GLW) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Corning Incorporated to open at $33.64, and during the day (based on 14 day Average True Range), to move between $32.72 and $34.04, which gives a possible trading interval of +/-$0.663 (+/-1.99%) up or down from last closing price. If Corning Incorporated takes out the full calculated possible swing range there will be an estimated 3.97% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $32.69, some $0.690 (2.07%) from the current price of $33.38, our system finds the risk reward attractive.
Is Corning Incorporated stock A Buy?
Corning Incorporated holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Corning Incorporated of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $33.64 ( 0.769%) | $33.38 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GLW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.05 | 4.99 % | |
| R2 | 34.51 | 3.38 % | ||
| R1 | 34.18 | 2.38 % | ||
| Current price: | 33.38 | |||
| Support | S1 | 33.10 | -0.84 % | |
| S2 | 32.77 | -1.84 % | ||
| S3 | 32.23 | -3.46 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 33.38 | |||
| Support | S1 | 32.69 | -2.07% | |
| S2 | 32.67 | -2.13% | ||
| S3 | 32.51 | -2.61% |
GLW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 07, 2024 | Feb 28, 2024 | Mar 28, 2024 | $0.280 | 0.85% |
| 2 | Oct 04, 2023 | Nov 16, 2023 | Dec 15, 2023 | $0.280 | 0.92% |
| 3 | Jun 21, 2023 | Aug 30, 2023 | Sep 28, 2023 | $0.280 | 0.92% |
| 4 | Apr 27, 2023 | May 30, 2023 | Jun 29, 2023 | $0.280 | 0.81% |
| 5 | Feb 08, 2023 | Feb 27, 2023 | Mar 30, 2023 | $0.280 | 0.80% |
FAQ
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