IBM closes above its opening price after recovering from early selling pressure

International Business Machines Corporation (IBM) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team


IBM closes above its opening price after recovering from early selling pressure
IBM closes within previous day's range after lackluster session


IBM ended the month 1.8% higher at 122.94 after edging higher $0.04 (0.03%) today, slightly underperforming the Dow Indu. (0.44%). Trading up to $1.62 lower after the open, International Business managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (IBM as at Jul 31, 2020):

Daily technical analysis candlestick chart for International Business Machines Corporation (IBM) as at Jul 31, 2020

Friday's trading range has been $1.90 (1.55%), that's below the last trading month's daily average range of $2.54. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IBM.

One bullish candlestick pattern matches today's price action, the Takuri Line. The last time a Takuri Line showed up on May 8th, IBM actually lost -0.33% on the following trading day.

Prices are trading close to the key technical support level at 122.86 (S1).

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. Its common bullish interpretation has been confirmed for International Business. Out of 73 times, IBM closed higher 52.05% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after two trading days, showing a win rate of 52.05% with an average market move of 0.01%.

Market Conditions for IBM as at Jul 31, 2020

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