Technical Analysis: International Business Machines Corp.
Today’s instrument is the International Business Machines Corp.‘s stock traded on the Nasdaq exchange under the ticker IBM.
When we look at the IBM‘s chart, we can see a rise from the $126 range to the $129 on the 15th of April, its inability to consolidate, and the subsequent fall back to the same level, where it held strong above the support of $125 and enabled the yesterday’s climb back into the $129 range. It was last found trading at $129.21 with the closest temporary support at $130 and the closest support level at $125.
International Business Machines Corp. had scheduled a quarterly earnings announcement yesterday 19/04/2022. Earnings expectations were surpassed, and there was a mere 3% reaction intraday.
Today we can expect a move above the $130 closest resistance level, possibly in the $133 range.
If however, it doesn’t manage to hold on to the current level then a move towards the $126 closest support level can be expected.
(Click on image to enlarge)
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