IBM Close to the 50 Day

Published on Tuesday, 14 February 2012 08:08 Written by TradersHuddle Wire

New York, February 14th (TradersHuddle.com) - Shares of International Business Machines Corp. (NYSE:IBM) closed the trading day at $192.42 close to its 50 day moving average currently set at $187.77. IBM's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $177.35 and calculated resistance at $192.79. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on IBM will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.