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Possible Bullish Inside Day Candle Pattern Detected for International Business Machines (NYSE:IBM)

Published on Wed, 03/27/2013 - 07:29
By Peter Chu

Analysts have spotted a possible bullish inside day candle pattern in International Business Machines (NYSE:IBM) based on the price action in the company's shares. Yesterday's price range of $211.50 and $212.50 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of International Business Machines may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

International Business Machines (NYSE:IBM) has potential upside of 5.5% based on a current price of $212.36 and analysts' consensus price target of $224.05. The stock should find initial support at its 50-day moving average (MA) of $204.02 and further support at its 200-day MA of $197.96.

In the past 52 weeks, shares of International Business Machines have traded between a low of $181.85 and a high of $215.90 and closed yesterday at $212.36, which is 17% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

By Peter Chu