IBM Moving Above Resistance

Published on Monday, 23 January 2012 19:04 Written by Danny Miller

New York, January 23rd (TradersHuddle.com) - Shares of International Business Machines Corp. (NYSE:IBM) closed the trading session at $189.98 just above calculated resistance at $188.71 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

International Business Machines Corporation (NYSE:IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products globally through different distribution channels. Its Global Technology Services segment offers IT infrastructure and business process services. The company's Global Business Services segment provides professional services and application outsourcing services, including consulting and systems integration, and application management. IBM was founded in 1910 and is based in Armonk, NY.

IBM's stock was trading in a well defined range with support at $177.35 and resistance at $188.71, given that this range was broken traders will be closely monitoring the stock