IBM Meeting Heavy Resistance
Updated
IBM has been one of the worst DOW stocks of 2017, but things might change going ahead. IBM which should be seeing a bottoming in revenues as they return to growth from data analytic initiatives and a upgrade cycle in mainframes is on the verge of breaking out. Currently, IBM sits at a major resistance line. Watch for a breakout which could see the stock retest all time highs around $181.00, but a failed breakout may retest rising support around $155.00.
Trade active
IBM broke out today. Going long IBM as long as it holds tomorrow.Note
Watching to see if IBM holds at its current support.
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