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

By James Quinn

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 $178.09 and $178.96 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 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 $182.79 and a 52-week low of $116.90 and are now trading 53% above that low price at $178.79 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has slid 0.3%.

International Business Machines (NYSE:IBM) is currently priced 7.4% above its average consensus analyst price target of $165.63. 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 11.2%. We continue to monitor IBM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle International Business Machines

Ticker(s): IBM