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Atleast 2 Stocks in the Fiber Optics Group are outperforming lately. Investors Business Daily ranks them in the same group, though technically they are not. That said, let’s look at two charts worth pondering for swing trades.
Fiber Optics Industry Group
Berstein, Goldman, and Citigroup analysts all downgraded GLW in February, March and August respecitvely. Goldman repeated the downgrade again in August marking the bottom in the current cup and handle pattern. The stock shows 5.70% of the float is short.
Corning is ranked number seven in the group, despite the apparent breakout yesterday. If the stock shows potential follow through we might take a position, with a stop inside the 32.00 level.
OLED is the leader in the group, as ranked by Investors Business Daily. It’s a bit odd, considering GLW is categorized as diversified electronics/ telecom equipment and TRMB is noted for it’s electronic instruments. ZBRA is considered diversified machinery.
Futures are flat and slightly red this AM.
The point is, even IBD has its quirks, so we still need to do our homework. When it comes to money, I double check everything.
My guess is GLW does something similar today.
OLED was featured a couple weeks ago and talked about by many of the members in the trading room over the past few weeks. The measured move illustrated on the chart shows the target level approaching. Now we are looking for a flag and follow through; above all we are watching for signs of the next higher base.
All things considered, OLED is on the run higher, with over 8% short. Most likely that figure is down to about 4-6%.
Use your Trade of the Day setup for entry, stops and exits. If GLW closes near the high of the day consider a swing. That’s the plan.