Corning Incorporated (NYSE:GLW) tried to break down today but buyers came in to support and the stock closed again above the $22 level. On daily chart we can see a pull back with low volume indicating a consolidation phase after some bullish momentum. The bias is neutral in nearest term. A break above $22.98 on a close basis should be seen as a serious threat for the stock to test the highs of February. Immediate resistance is seen at $22.58. Initial support at $22 followed by $21.85.
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Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) has been rising in an ascending triangle formation. We need a consistent move above $13.05 to continue the bullish scenario.
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Cognizant Technology Solutions Corp. (NASDAQ:CTSH) closed higher today, reconfirming the new uptrend after the recent break above the major resistance on expanding volume. Looking at the daily technical chart it shows very bullish sign as the stock is back on top of 13 day moving average. In addition %K line is still above %D line and MACD above 0, showing bull market. At the moment, it is still possible to see the stock advance a bit further from here.
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American Oriental Bioengineering, Inc. (NYSE:AOB)seems to have broken a falling wedge pattern today. This classical pattern often precedes reversals.
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