Monday, January 22, 2018 9:39:40 AM
Shares of International Business Machines Corp. (NYSE:IBM) fell sharply after reporting disappointing earnings results. I predicted this fall in an article I wrote yesterday ahead of earnings. The prediction was based off an overbought condition in the stock price with a major gap being filled ahead of earnings. This meant the stock was into huge resistance and was overbought. In other words, it signaled the odds heavily in the favor of a pull back. That is exactly what happened. So where is the buy on International Business Machines? The answer is $154.00. There is a gap fill support to the downside and a down-sloping trend-line that converge at $154.00. This is the buy level, likely hit next week.
Gareth Soloway
InTheMoneyStocks
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