International Business Machines (NYSE:IBM) is one of the world's leading information technology stocks. The tech giant's stock price peaked out on February 16, 2017 at $182.79 a share. Since then, the stock has sold off by more than $20 and is now trading at $160.29 a share. Many financial news reports continue to be very negative as IBM has continued to report declining revenue growth for 20 consecutive quarters.
As technical traders, we do not really care about the news. A technical trader and investor just cares about the money flow and institutional support and resistance levels. Currently, IBM is nearing solid chart support around the $158 level. This is an area where the stock broke out to the upside in November 2016.
Here's The Trade:
- look to buy IBM around $158.
- The target is around $170.
- Traders should use a weekly chart stop-loss below $154.