IBM runs into sellers again around 145.19


International Business Machines (IBM) Technical Analysis Report for May 17, 2018 [1 min read]
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
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
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 chart for IBM
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for International Business Machines
Condition Forecast Direction Win Avg Worst Best Events
Bullish Break through SMA 100 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
4 Consecutive Higher Closes TQ Pro Members Only
White Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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