Source: Roth IRAs Are Really Awesome Tools (Here’s An Example Why)
Sunday, December 31, 2017
Saturday, December 30, 2017
Breakout Stock - Corning (GLW)
GLW is forming a typical ascending triangle pattern. $30 has been a resistance level since 2001 following a sharp drop in stock in 2000-01 as euphoria over telecom spending on the back of emerging internet industry faded quickly. $30 is also 23.6% Fibonacci retracement since its peak.
The stock broke above $30 on strong volume after it reported strong Q3 earnings on October 24, 2017.
The fundamental drivers for the stock going forward are the two key business segments - glass and telecom equipment (makes optical fiber). The good news is that it has garnered strong support from its customers, AAPL in glass and VZ in telecom equipment. Motley Fool made those exact points in its recent story.
The next catalyst to watch is Q4 earnings on January 23, 2018.
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