Watch These Corning Price Levels as Stock Rallies On Optimism About AI Demand

Corning (GLW) shares person surged 16% successful nan past 2 trading sessions, hitting their highest level since May 2021, aft nan specialty solid shaper boosted its current-quarter outlook owed to expanding uptake of its optical connectivity products utilized successful generative artificial intelligence (AI) applications.

Amid nan rally, we talk nan technicals connected Corning’s weekly chart and place important levels to watch retired for.

Rally Backed by Trading Volume

Since bottoming retired astatine nan little trendline of a descending channel successful precocious October, Corning shares person continued to inclination sharply higher, pinch gains accelerating upon a breakout of nan pattern’s precocious trendline.

Importantly, nan stock’s surge this week has occurred connected nan largest play trading volume since February 2018, indicating beardown condemnation down nan move.

In addition, nan relative spot scale (RSI) confirms nan bullish value momentum, but besides signals importantly overbought conditions pinch a reference supra nan 80 threshold. 

Multi-Year High successful Focus

Corning shares were up 0.7% astatine $45.00 successful premarket trading Wednesday.

Given nan stock’s caller move higher, investors should show for a imaginable imminent retest of Corning’s April 2021 precocious astatine $46.82.

To task a longer-term wide price target, we tin usage a bars shape from nan pandemic-era debased to nan April 21 precocious and use it to past year’s low. This forecasts a value target astir nan $60 area.

Monitor These Key Chart Levels Amid Profit Taking

During periods of profit taking, investors should show 3 circumstantial locations connected nan floor plan wherever nan shares whitethorn pull liking from buyers seeking entry points astatine little levels.

An first pullback could spot a move down to astir $39 to capable this week’s guidance-inspired gap, pinch nan level besides apt to find support from a bid of backmost and distant value action betwixt January 2021 and March 2022.

A move beneath this level whitethorn spark a diminution to nan cardinal $35 region, an area connected nan floor plan that would apt spot buying adjacent a horizontal line that links galore peaks and troughs betwixt January 2018 and July past year, and besides astir aligns pinch nan 200-day moving average.

Finally, a trendline that connects a scope of value points extending backmost to July 2017 could supply little support astir nan $31 level.

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As of nan day this article was written, nan writer does not ain immoderate of nan supra securities.