Wednesday, April 18, 2018 11:33:41 AM
This morning, leading technology stock International Business Machines (NYSE:IBM) is declining sharply lower after reporting earnings. The stock is trading down by over 7.0 percent to $149.45 a share. The next important support level for IBM stock will be around the double bottom from February 9, 2018. At that time, the stock traded as low as $144.39 a share. Should the stock fail to hold this critical level as support it could signal more selling in the stock. Traders and investors must be very cautious with IBM stock until the charts firm up. Currently, the stock is trading below its important 50 and 200-day moving averages. This formation puts the stock weak technical position on the charts. We can only wonder what Watson would say after today's decline in IBM shares.
Nicholas Santiago
InTheMoneyStocks
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