$IBM 3-Weeks Tight PatternStodgy old NYSE:IBM has had quite a run over the last few months. I am sorry to say I have missed it. Earnings are now out of the way and as you can see, we have a 3-weeks tight pattern. It has recently been setting new 52 week highs as well.
If you are a Wiiliam O’Neil follower, he states in his writings that a 3-weeks tight pattern can lead to some serious gains going forward. If you like you can read about it here:
www.investors.com
In any event, I have started a ½ half sized position here and have my stop just below the most recent low. Seems like a pretty good risk reward to me. But it’s all TBD.
Ideas, not investing / trading advice. Comments always welcome. Thanks for looking. For those wondering, the chart I am using is LevelUp right here on TV. You might want to research it, I find it helpful.