Tuesday, May 09, 2017 11:14:39 AM
Last week, Warren Buffett revealed to the public that he sold 30.0 percent of his stake in International Business Machines Corporation (NYSE:IBM). This news caused the stock to plunge by nearly $5.00 on May 5th, 2017. It should be noted that IBM stock traded above $180.00 a share in early March. Today, IBM stock is trading around $151.70 a share.
Is there a trade level for IBM stock? Yes, IBM stock has several attractive bounce levels approaching for short term trades. The first chart area that looks very interesting for support is around $149.84. This trade area was an institutional buy level for IBM stock back in October 2016. Traders and investors could buy IBM at this level and put a weekly chart stop loss below $147.00. The upside target on the trade would be for a move back to $157.00.
Nicholas Santiago
InTheMoneyStocks
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