Tuesday, October 17, 2017

Big Blue (NYSE:IBM) Is Nearing Institutional Support

One of the leading information technology stocks in the world is International Business Machines Corporation (NYSE:IBM). This tech giant’s stock price peaked out on February 16, 2017 at $182.79 a share. Since that time, the stock has sold off by more than $20.00 and is now trading at $160.29 a share. Many financial news reports continue to be very negative as IBM has continued to report declining revenue growth for 20 consecutive quarters.

As a technical trader we do not really care about the news. A technical trader and investor really just cares about the money flow and the institutional support and resistance levels. Currently, IBM stock is now nearing solid chart support around the $158.00 level. This is an area where the stock broke out to the upside in November 2016. So here is the trade, I will look to buy IBM stock around the $158.00. level. The target on the trade will be around the $170.00 area. Traders should use a weekly chart stop-loss below $154.00.

Nicholas Santiago
InTheMoneyStocks

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