DTT Buzz
Exclusive Market Analysis, Alerts and Commentary from the DaytradeTeam trading staff
Tuesday, April 15, 2008
A Level of Interest in International Business Machines (NYSE: IBM)
I've noticed an interesting technical line on the 6 month chart in International Business Machines (NYSE: IBM). The technical level started as uptrend support. Once support broke, IBM rode along the upward sloped support turned resistance line for about 2 months. The stock then broke back above the line, and it is once again acting as uptrend support.
I have not seen many technical lines that act similar to this one, and thought it was worth sharing. IBM reports earnings tomorrow, April 16th, after the market close. The stock is currently trading very close to the uptrend support line, indicating we may see a positive move in earnings. Regardless of the reaction to earnings in IBM, I will be paying close attention to this area of technical interest.
Regards,
Nick Fenton
Sr. Trade Analyst
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