International Business Machines Corp. (NYSE:IBM)
Technical Features:
A: Long-term uptrend. B: Support at $140. C: Short-term support at $160. D: Short-term uptrend.
Technical Analysis:
IBM is no longer a buy after the break of the short-term uptrend (D). Currently, IBM is testing short-term support (C) and the long-term uptrend (A) around the $160 level. If this level is broken, sell with an expectation of a move to the long-term support (B) at $140. After the $140 level is broken, expect a move to $80.
Summary: Hold.
