IBM runs into sellers again around 145.19


International Business Machines (IBM) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team

Highlights

IBM finds buyers at key support level
IBM finds support at 20-day moving average
IBM runs into sellers again around 145.19
IBM still stuck within tight trading range
IBM closes within previous day's range after lackluster session

Overview

IBM finished Thursday at 144.50 losing $0.13 (-0.09%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (IBM as at May 17, 2018):

Daily technical analysis candlestick chart for International Business Machines (IBM) as at May 17, 2018

Thursday's trading range was $1.42 (0.98%), that's below last trading month's daily average range of $1.94. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 142.92 and 145.19 which it has been in now for the last trading week.

After trading as low as 143.77 during the day, the stock bounced off the key support level at 144.35. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 145.03 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 145.19. After trading as low as 143.77 during the day, the market found support at the 20-day moving average at 144.41.

Though IBM is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Selling might accelerate should prices move below the nearby swing low at 142.92 where further sell stops could get triggered.


Market Conditions for IBM as at May 17, 2018

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