IBM near Key Support Area

Published on Tuesday, 02 February 2010 04:19 Written by Danny Miller

New York, 1^st (TradersHuddle.com) - Shares of International Business Machines Corp. (NYSE:IBM) are trading very close to calculated support at $121.9 with current price action closing at just $124.67 places the stock price near levels where traders will start paying attention.

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 current stock range is defined by current calculated support defined at $121.9 and by the resistance level at $128.655, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to IBM's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $128.655 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.