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Joined Apr 1, 2010
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No Longer Trading Like a Cornball

Divergences can, indeed, take their sweet old time to play out. But as a long-term proposition the RSI and MACD bullish divergences present on the Corning weekly timeframe seem to be finally coming to fruition.

I mentioned Corning last December in this post when the stock was trading at $12.62.

On the updated weekly chart, below, note the strongly bullish marubozu being printed as the RSI (top pane) has soundly recaptured the bullish 50 dividing line.

Much like Microsoft and Intel in recent weeks, you are talking about a left-for-dead “value trap” suddenly coming alive, probably just as the deep value guys are throwing in the towel.



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