by Sam Collins 04/30/08
Corning (GLW) -- This provider of technology-based products and services in the United States has been in a bull market since mid-2002.
The last time that the Trade of the Day commented on GLW was on Dec. 21, 2006, when we said "But in the last year it has been consolidating in a broad range with a triple-bottom at $18. And this blue chip has strong support there with the short stochastic now flashing a buy signal. Bargain-hunting at $19 could be rewarded with a run-up to the 200-day moving average at $23 and perhaps even a break into new highs."
Well, as the chart shows, GLW did break out and ran to above $28. But for two years, this blue-chip tech stock has been stuck in a wide pennant.
However, in March it issued its first bullish signal with the 20-day moving average crossing through the 50-day moving average. Yesterday, GLW broke from the pennant on huge volume for a major buy signal.
The long-term trend for Corning has changed to "very bullish" and quality-minded investors may want to jump aboard for a major upside run.
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