New York, April 5th (TradersHuddle.com) - Shares of International Business Machines Corp. (NYSE:IBM) are trading very close to calculated resistance at $207.52. The stock ended the trading session at just $206.05, which is near levels that make it difficult to buy or start a position.
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 range is defined by its calculated support defined at $177.35 and by the resistance level at $207.52; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for IBM. However, as the stock pulls back towards $177.35 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $207.52 then traders will get an opportunity to enter the stock as it moves to a higher range.
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