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December 22, 2024, 00:36 am ET, BY Tyler- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy IBM near 219.27 with an upside target of 238.41. This data also tells us to set a stop loss @ 218.64 to protect against excessive loss in case the stock begins to move against the trade. 219.27 is the first level of support below 223.36 , and by rule, any test of support is a buy signal. In this case, support 219.27 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of IBM as it gets near 238.41 with a downside target of 219.27. We should have a stop loss in place at 239.1though. 238.41 is the first level of resistance above 223.36, and by rule, any test of resistance is a short signal. In this case, if resistance 238.41 is being tested, a short signal would exist.
If 226.28 begins to break higher, the technical summary data tells us to buy IBM just slightly over 226.28, with an upside target of 238.41. The data also tells us to set a stop loss @ 225.63 in case the stock turns against the trade. 226.28 is the first level of resistance above 223.36, and by rule, any break above resistance is a buy signal. In this case, 226.28, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of IBM if it tests 226.28 with a downside target of 221.89. We should have a stop loss in place at 226.93 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 226.28, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
If 225.76 begins to break higher, the technical summary data tells us to buy IBM just slightly over 225.76, with an upside target of 226.28. The data also tells us to set a stop loss @ 225.23 in case the stock turns against the trade. 225.76 is the first level of resistance above 223.36, and by rule, any break above resistance is a buy signal. In this case, 225.76, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of IBM if it tests 225.76 with a downside target of 222.32. We should have a stop loss in place at 226.29 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 225.76, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
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The data for International Business Machines Corporation (NYSE: IBM) herein utilizes proprietary algorithms produced by Stock Traders Daily and refined since the turn of the century.