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International Business Machines Corporation (IBM) “On a long-term technical basis, the stock (IBM) is trading below its 200-day moving average which implies it is in a negative trend. However, the stock has broken through an important trendline at 138.38 suggesting the next level of support is 130.72. The long-term uptrend has now turned neutral.
The stock has support at 130.72. The stock will meet resistance at 137.84 and 145.46. If the stock breaks up through resistance at 137.84 then it will probably continue higher to 145.46. The 200-day moving average is at 137.94. This will also act as resistance. If the stock closes below 130.72 a negative trend change is probable. Look for the stock to fall to the level where it started prior to the latest big upmove. The stock is extremely oversold according to the Stochastic Indicator (21.14).”
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