IBM Stock Could Consolidate Before Moving Towards Resistance
| Jan 25, 2022 06:16AM ET
When we look at the International Business Machines (NYSE:IBM) stock price chart, we can see it trading a downtrend for the past week, falling lower and lower as the overall markets show weakness.
The stock broke the first level of resistance of $132, then the $129 level, which led to the test of the $125 level, which was formed during yesterday’s session.
Also, yesterday IBM announced better than expected earnings which led to the 3% bounce from the $125 to the close of $129.
Today we can expect a move towards the $131 resistance or consolidation at the current level.
If it doesn’t manage to hold on to the current level, a move towards and below the $125 can be expected.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.