Last night we communicated an entry in $GLW for this morning (see below), along with $CME and $DIS.
Since writing the post the stock shot up over 20% after hours on news of a collaboration with Samsung. With a significant gap higher, taking an entry here (around $18.70) would require a stop down at $16.14, nearly 15% away, resulting in a much smaller position size. While that is possible, and we did something similar in order to enter $TSLA, in this case I’m not convinced the risk/reward is as favorable, so we will have to pass. We will happily watch it from here and enter should it set up again. Congratulations to anyone who already took the setup from our Stocks To Watch list over the weekend.
Last night’s post:-
This will be our third trade in $GLW this year. We’ve had nothing spectacular so far, an 11% win, and a 5% loss, but we’ve been patiently waiting for it to setup again and got the signal tonight following a 5th straight advance, following through convincingly from the break of the descending trendline and breaking above the 8/13 close of $15.21. Initially I want to give this room down to $14.00, but any continuation higher should enable us to move our stop up to that descending trendline around $14.63 where the 20 and 50 MA have just crossed.