Corning (GLW) shares have surged 16% in the past two trading sessions, hitting their highest level since May 2021, after the specialty glass maker boosted its 澳洲幸运5官方开奖结果体彩网:current-quarter outlook due to increasing uptake of its optical connectivity products used in 澳洲幸运5𓂃官方开奖结果体彩网:generative artificia꧑l intelligence (AI) applications.

Amid the rally, we discuss the 澳洲幸运5官方开奖结果体彩网:technicals on Corning’s 澳洲幸运5官方开奖结果体彩网:weekly chart and identify important levels to watch out for.

Rally Backed by Trading Volume

Since bottoming out at the lower trendline of a 澳洲幸运5官方开奖结果体彩网:descending channel in late October, Corning shares have continued tℱo trend sharply higher, with gains accelerating upon a breakout of ♈the pattern’s upper trendline.

Importantly, the stock’s surge this week has occurred on the largest weekly 澳洲幸运5官方开奖结果体彩网:trading volume since✤ F🍨ebruary 2018, indicating strong conviction behind the move.

In addition, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms the bullish price momentum,𒅌 but also signals significantly overbought conditions with a reading above the 80 🔴threshold. 

Multi-Year High in Focus

Corning shares were up 0.7% at $45.00 in premar꧂ket trading Wednesd🌞ay.

Given the stock’s rec🦄ent move higher, investors sho𒉰uld monitor for a potential imminent retest of Corning’s April 2021 high at $46.82.

To project a longer-term general 澳洲幸运5官方开奖结果体彩网:price target, we can use a bars pattern from the pandemic-era ꦚlow to the April 21 high and apply it to last year’s low. This forecasts a price target around the $60 area.

Monitor These Key Chart Levels Amid Profit ♑Taking

During periods of profit taking, investors should monitor three specific locations on the chart where the shares may attract interest from buyers seeking 澳洲幸运5官方开奖结果体彩网:entry points at lower levels.

An initial pullback could see a move down to around $39 to fill this week’s guidance-inspired gap, with the level also likely to find support🍃 from a series of back and forth price action betwe♚en January 2021 and March 2022.

A move below this level may spark a decline to the key $35 region, an area on the chart that would likely see buying near a 澳洲幸运5官方开奖结果体彩网:horizontal line that links many peaks and troughs between January 2018 and July last year, and also roughly aligns with the 澳洲幸运5官方开奖结果体彩网:200-day moving average.

Finally, a trendline that connects a💎 range of price points extending back to July 2017 could provide lower support around the $31 level.

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As of the date this article was written, the author does not own any of the above securities.