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

By Shiri Gupta

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 $181.12 and $181.88 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 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, shares of International Business Machines have traded between a low of $116.90 and a high of $182.79 and are now at $181.24, which is 55% above that low price. The 200-day and 50-day moving averages have moved 0.35% lower and 0.67% higher over the past week, respectively.

Based on a current price of $181.24, International Business Machines is currently 17.4% above its average consensus analyst price target of $149.77. International Business Machines shares have support at the 50-day moving average (MA) of $145.51 and additional support at the 200-day MA of $142.04.

SmarTrend recommended that subscribers consider buying shares of International Business Machines on November 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $159.38. Since that recommendation, shares of International Business Machines have risen 14.2%. 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