Corning (GLW) can test its high from 2000

We received a request on Corning (GLW), and the stock remains resilient after a failed breakdown in mid November. The September rally above the 61.8% retracement of the 2000 to 2002 decline at 70.46 increases the potential for a full (100% retracement) of the 2000 to 2002 decline. This suggests that GLW could eventually retest its August-September 2000 peaks at 113.33 (Chart 1). See our latest edition of Tech Speak 101 for more on how to use Fibonacci retracement levels.

Chart 1: Corning, Inc. (GLW): Monthly chart with Fibonacci retracements

Tactically speaking, if GLW holds above or within the 85 to 83 zone (daily moving averages and chart levels), it would make a case for a bullish consolidation pattern with upside beyond the recent high at 92.54 toward 107. GLW has reasserted it leadership on a new YTD high vs. the S&P 500.

Chart 2: Corning, Inc. (GLW): Daily chart with moving averages