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Possible Bearish Inside Day Candle Pattern Detected for Ibm (NYSE:IBM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ibm (NYSE:IBM) based on the price action in the company's shares. Yesterday's price range of $120.20 and $121.61 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Ibm may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

International Business Machines Corporation (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 through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

In the past 52 weeks, Ibm share prices have been bracketed by a low of $105.94 and a high of $171.13 and closed yesterday at $120.77, 14% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.5%.

There is potential upside of 41.3% for shares of Ibm based on a current price of $120.77 and an average consensus analyst price target of $170.61. The stock should find resistance at its 200-day moving average (MA) of $138.54, as well as support at its 50-day MA of $118.78.

SmarTrend is monitoring the recent change of momentum in Ibm. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ibm in search of a potential trend change.

Keywords: bearish am inside day candle

Ticker(s): IBM