IBM Is Dipping Below Support
Published on Thursday, 12 July 2012 08:44 Written by TradersHuddle Wire
New York, July 12th (TradersHuddle.com) - Shares of International Business Machines Corp. (NYSE:IBM) closed the trading session at $185.25 below calculated support at $188.90. The stock broke down technically, raising concerns as the move might trigger additional selling.
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 $188.90 and resistance at $196.70; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $188.90 will remain in focus as IBM's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in IBM can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $188.90. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
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