Taking a Look at IBM

Written by MrStockFox. Posted in Trade Ideas

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.

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