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Possible Bearish Inside Day Candle Pattern Detected for International Business Machines (NYSE:IBM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in International Business Machines (NYSE:IBM) based on the price action in the company's shares. Today's price range of $162.33 and $163.27 is within yesterday'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 International Business Machines 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 (NYSE:IBM) is currently priced 7.7% above its average consensus analyst price target of $149.77. The stock should find initial support at its 50-day moving average (MA) of $145.51 and further support at its 200-day MA of $142.04.

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.

International Business Machines share prices have moved between a 52-week high of $176.30 and a 52-week low of $116.90 and are now trading 39% above that low price at $162.33 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.7%.

SmarTrend recommended that subscribers consider buying shares of International Business Machines on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $155.27. Since that recommendation, shares of International Business Machines have risen 5.3%. We continue to monitor IBM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle International Business Machines

Ticker(s): IBM