Motley Fool put up an article over the weekend that talked about 3 cheap stocks...corning, apple and intel. I thought it'd be worth a peak at the charts of each of these.
Corning looks like the second best technical target to Intel as it is in a rising wedge with the potential to break above $14.25, which would make it a buy as the double bottom would be completed. The potential risk is that there's a huge gap to fill below making it a prime suspect for a pullback to that level.
I've put up the charts and discussion on Stockineer, but I just wanted to give you guys the summary here. Good luck!
I just added an updated chart and discussion to Stockineer. Here's an excerpt for you guys...looking very good!
"Corning continues to impress with more big moves. There is also a very bullish pattern that has formed, the High Tight Flag (HTF). In fact, it’s one of the most bullish patterns. It can be identified by a slight decline in price and volume after a very fast rise. It should look like a flag atop a tall flag pole. The flag is a location in which the price takes a breather. It is typically said that the flag flies at half staff. In other words, the flag is at the mid point of the predicted price target. Our price target based on the breakout is $16-19 and the flag predicts a move to ~$16.50 which is right in our targeted range. GLW is looking very good."
There were some breakouts today. GLW broke a few important resistance levels. I pegged the double bottom neckline at $14.25, which is a good level of resistance and a break above would certainly be significant, but upon close inspection, I believe it completed the double bottom today. There are some whipsaws that make it a little sloppy to guage, unfortunately.
Momentum is looking great, as well as MACD and Stochastics have crossed over giving more buy signals in the last two days. Price target based on the double bottom is $16.50 or about 20% from here. There's a couple of support levels you could look to add shares. $13.82 or along the trendline I've drawn on the chart....The updated chart is on Stockineer as well as the rest of the discussion. Things are looking very good. Good luck...you guys have been through enough pain.
Broke above $14.25 today! That is very good news. That is a breakout from a very large trading zone. This gives a price target of $18.11. I'll put up an updated chart tonight or tomorrow. It's worth updating since things are happening quickly....as they tend to do during breakouts.
Yes! mutley fool and seeking alpo both have writers that do so with agendas. I notice "hit pieces" on some of my other holdings (HOV, KOG, TPLM, ZAGG, et al), particularly around earnings announcements. It should be illegal.