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Corning shares slide 7.8% after drop from June record peak
A technical pattern tracked by Schaeffer suggests the stock has historically risen one month later 72% of the time, averaging a 4.7% gain.
Corning Inc (NYSE:GLW) shares were down 7.8% to $172.92 after falling from a June 30 record peak of $271.38, according to Yahoo Finance.
The outlet highlighted that Schaeffer's Senior Quantitative Analyst Rocky White says the stock is trading within 0.75 times the 80-day moving average's 20-day average true range, after spending at least 80% of recent sessions above the trendline.
Yahoo Finance also noted the setup has appeared 19 times over the last decade, with the stock higher one month later 72% of the time and averaging a 4.74% gain; a similar move from current levels would imply shares around $181.12.
Short interest has eased as well, falling 13.7% in the most recent reporting period to 2.6% of the stock's available float, the outlet said.