International Business Machines Corporation (NYSE: IBM) has offered some of the most useful and innovative inventions to the world throughout its existence. From a floppy disk to a hard disk drive, it has provided top notch services to mankind. The company recently announced collaboration with Cloud Security Alliance (CSA) to work on data privacy. The same day IBM stock saw a major decline, opening at $148.52 and closing at $142.36.
IBM’s Focus on Privacy and Development
The organization will develop solutions for financial services to make it more secure and resilient. It focuses on eliminating any risks associated with the cloud services. Data privacy has become a matter of concern in recent times, especially after the increasing threat of cybercriminals. The company also said that IBM’s confidential computing capabilities ensure utmost security to the clients. They claim that even the enterprise can not access the customer data.
Moreover they also announced their partnership with Octa, an IT modernization and digital transformation company serving the federal government in the US. The collaboration is intended to support the agencies as they usually face issues like skills scarcity, rebuilding the nation’s supply chain and more. The move will also merge around 1,500 employees into IBM Consulting.
IBM Stock Price Action
The chart shows a megaphone like pattern indicating increased volatility over time. It’s unlikely that the upcoming price momentum will widen the megaphone mouth as regression trend supports entry of the investors in coming weeks or maybe in days. Currently, the share value holds support at around $136 and resistance level at $144.
The relative strength index (RSI) shows that the investors have already started entering the market which eliminates the possibility of a loss. The price is currently well above a couple of anchored VWAP supports, however, it has reached April 2022 resistance at the writing time.
IBM stock was trading at a market price of $141.65, uptrending by 0.55% in contrast to its previous support.
The tech giant is always exploring new opportunities in the industry while coming up with innovative solutions like their blockchain platform. People usually think of cryptocurrencies or NFTs upon hearing the term. But the organization has brought this virtual marvel into the IBM Food Trust Network to open the gates to a whole new realm of possibilities.
Below their Hyperledger, lies an idea to develop a blockchain platform tailored to the enterprise’s needs. TradeLens, another innovative solution the company invented using this technology, facilitates international container companies, logistics and more.
Blockchain tech will come up with more use cases over time and IBM may bring more utility in context to this new wave of technology.
Source: https://www.thecoinrepublic.com/2022/12/27/ibm-stock-price-analysis-aprils-resistance-to-become-december-2022-support/