We’ve kept Corning ($GLW) on our watchlist since exiting a previous long position in late June with a 11.2% gain, and it now appears to have done enough with a new entry trigger which we’ll execute at Friday’s open.
In the last few days $GLW has reclaimed the ground above the 50-day, and today also took out the previous pivot high of mid-June. The uptrend from the June low looks motive in nature not countertrend, and the most recent daily and weekly higher low is marked by a very narrow band of $14.55-$14.52.
A clean break of that level will make it clear that some other correction or consolidation pattern is emerging and will trigger our stop. This makes for an attractive risk/reward trade, and we’re taking into account the fact that it reports on Tuesday, which as we’ve stated before is not something that concerns us.