You can read about my past comments on IBM located here.
Over the last several months IBM has pretty much played out exactly how I thought. Currently we are sitting right below a strong resistance level at around 165. Any breakout above 165 and IBM should first test 170 and then the top of the gap around 180.
Although I have added to my position I still do not own a full position. I have been concetrating on energy stocks for the time being but may consider purchasing another 10 shares here soon. I would like to try and buy before any breakout above 165.
Should IBM break below 159 level then we could easily see a retest of 154 and even 150.