If history is any guide, there may be trouble ahead for shares of Corning (NYSE:GLW). A so-called “death cross” has formed on its chart and, not surprisingly, this could be bearish for the stock.
What To Know: Many traders use moving average crossover systems to make their decisions.
When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses below the long-term average price, it means the trend is lower.
Why It’s Important: The 50-day and the 200-day simple moving averages are commonly used.
The death cross occurs when the 50-day moves below the 200-day. This could mean the long-term trend is changing.
That just happened with Corning, which is trading around $31.20 at publication time.
Remember: Seasoned investors don’t blindly trade Death Crosses.
Instead, they use it as a signal to start looking for short positions based on other factors, like price levels and company fundamentals & events.
For seasoned investors, this is just a sign that it might be time to start considering possible short positions.
With that in mind, take a look at Corning’s past and upcoming earnings expectations:
| Quarter | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|
| EPS Estimate | 0.39 | 0.44 | 0.52 | 0.57 |
| EPS Actual | 0.41 | 0.47 | 0.51 | 0.57 |
| Revenue Estimate | 3.34B | 3.55B | 3.69B | 3.78B |
| Revenue Actual | 3.37B | 3.63B | 3.67B | 3.76B |
Also consider this overview of Corning analyst ratings:
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
