GLW...
Seems to be a favorite for several of us and wanted to give glw a closer look.
Currently, i have no position, but await an opportunity to go long as the fundamentals remain strong, tho susceptible to market currents as evidenced by the daily and weekly charts.
Connor, I borrowed the daily chart from Jenna (hope she doesn't mind, such a pretty chart!) as this will pick off the short term indicator.
Additionally, I've opened the time frame and the weekly exposes what some might consider a warning signal, a head and shoulder development.
right now, we're only a couple points away from the neckline or arguably at that point. If this is broken with confirming heavy volume, what's the potential move down for GLW and utlizing what type of measurement?
measuring the height of the pattern from the peak to the neckline makes glw worthless (113-45). Don't think this is gonna happen.
so, i defer to support/resistance, and it is possible for a return to 25 under this scenario.
Maybe following a trendline until broken on convincing volume (more than a day) and confirmed price action above that line for another option.
If the neckline line is pierced and broken, the shorts will salivate (or add to short) at opportunity. the conservative shorts will initiate positions with failure on the return move to the neckline, basically closing below it after an attempt to make its return above the neckline.
Or, glw bounces from here and never looks back...g's...
Anyway, H&S is not a 100% relaible indicator, but considered by many to be one of the strongest reversal technical indicators. Additionally, glw will move with the broader market. So, fairly safe to say continued deterioration with compx, so will glw.
daily (courtesy of jenna)
Message 15137098
marketgems.com
weekly
sites.netscape.net
glad you posed this question to jenna, and wouldn't mind seeing further input. |
