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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish 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 $144.27 and $145.33 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. Traders and investors interested in shares of International Business Machines may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

International Business Machines (NYSE:IBM) has potential upside of 3.1% based on a current price of $145.27 and analysts' consensus price target of $149.77. The stock should find resistance at its 50-day moving average (MA) of $145.51, as well as 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.

Over the past year, International Business Machines has traded in a range of $116.90 to $176.30 and is now at $145.27, 24% above that low. 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 is monitoring the recent change of momentum in International Business Machines. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of International Business Machines in search of a potential trend change.

Keywords: bullish inside day candle International Business Machines

Ticker(s): IBM