In my humble opinion there was a sort of overreaction triggered by short selling yesterday upon IBM's earnings call. Numbers were not great and guidance was lowered. Nevertheless, the blue chip has created a stronger position to capture growth in the IT business related to cloud computing, cybersecurity, and artificial intelligence technologies (15% yoy growth).
I predict a short-term movement upwards shortly after the consolidation period or even today. Do not miss the rally to the support/demand zone, which serves as moderate price level for the IBM stock. The average lowest price target by analysts is $152.00.
However, there is also a strong possibility of decline if bears attack again. Evaluate a stop loss that take into account a false break out scenario that may likely bust the upward breakout in direction to the support zone.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
I predict a short-term movement upwards shortly after the consolidation period or even today. Do not miss the rally to the support/demand zone, which serves as moderate price level for the IBM stock. The average lowest price target by analysts is $152.00.
However, there is also a strong possibility of decline if bears attack again. Evaluate a stop loss that take into account a false break out scenario that may likely bust the upward breakout in direction to the support zone.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Note
I get out yesterday. Maybe you consider the fibonacci support as next support level for breakout. However, market is choppy. So blue chips are drifting with the current.Trade closed manually
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.