IBM Reaches Key Support Zone
Gary S. Morrow | Jul 06, 2021 03:54PM ET
Friday’s rally that began with a strong breakout on April 20. The stock is now testing the upper band of a very solid support zone that includes the June and October highs of 2020 and this year’s March peak. The lower band of this key zone includes the big earnings inspired upside gap. In addition IBM has worked off a fairly high overbought reading set back in early May. The daily MACD has returned to neutral.
Note: We are long IBM in some managed accounts. We are expecting to add during the current pullback.
You can read Gary S. Morrow's original post here .
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