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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ibm (NYSE:IBM) based on the price action in the company's shares. Yesterday's price range of $142.16 and $143.62 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. Traders and investors interested in shares of Ibm may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 22.2% for shares of Ibm based on a current price of $139.67 and an average consensus analyst price target of $170.61. The stock should hit resistance at its 50-day moving average (MA) of $141.42, as well as support at its 200-day MA of $138.79.

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.

Over the past year, Ibm has traded in a range of $126.85 to $158.75 and closed yesterday at $139.67, 10% above that low. The 200-day and 50-day moving averages have moved 0.07% higher and 0.37% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Ibm and will alert subscribers who have IBM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle

Ticker(s): IBM