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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ibm (NYSE:IBM) based on the price action in the company's shares. Yesterday's price range of $107.64 and $111.50 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. Owners of Ibm may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Ibm has traded in a range of $90.56 to $158.75 and closed yesterday at $108.03, 19% above that low. The 200-day and 50-day moving averages have moved 0.52% lower and 2.3% lower over the past week, respectively.

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.

Ibm (NYSE:IBM) has potential upside of 57.9% based on a current price of $108.03 and analysts' consensus price target of $170.61. The stock should run into initial resistance at its 50-day moving average (MA) of $132.36 and subsequent resistance at its 200-day MA of $136.76.

SmarTrend is monitoring the recent change of momentum in Ibm. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ibm in search of a potential trend change.

Keywords: bearish am inside day candle

Ticker(s): IBM