IBM stock price is trading in a downtrend and slipped below the crucial support zone of $150, indicating seller interest for the past sessions. Moreover, the price action showcased the sellers’ dominance and suggested a negative outlook for the upcoming sessions. Furthermore, the chart highlights lower lows and a falling channel, which replicates that sellers have persisted in making short buildups and are looking to push IBM stock below the immediate swing of $140.
IBM stock price persists in dragging the gains and is trading below the cluster of $150, replicating selling pressure for the past sessions. IBM stock has faced headwinds and did not manage to hold the gains and decisively broke the swings. However, the options chain showcased a different view. At the strike price of $145, strong put writing of 1.30 Lakh shares suggests that follow-on buying is likely and that IBM stock will reach $145 soon. Call writing of 1.20 Lakh shares indicates a strong resistance zone.
At press time, IBM stock price is trading at $143.17 with an intraday drop of 0.05%, showing a neutral chart structure. Moreover, the trading volume increased by 0.67% to 4.65 Million, and the market cap is $130.429 Billion. Furthermore, analysts maintained a neutral rating with a yearly target price of $147.17, suggesting volatility may continue in the upcoming sessions.
International Business Machines Corp. is an information technology company that provides integrated solutions that leverage information technology and knowledge of business processes. It operates through the following segments: Software, Consulting, Infrastructure, Financing, and Other. The Software segment combines hybrid cloud platforms and software solutions to help clients become more data-driven and automate, secure, and modernize their environments. The Consulting segment focuses on integrating skills in strategy, experience, technology, and operations by domain and industry.
Will IBM Stock Gain Momentum Near $145?
On the daily charts, IBM stock price is close to the demand zone, and signs of a reversal were depicted in the last sessions. Moreover, the correction has ended, and bulls are looking to surpass the cluster of $145, followed by $150 to attain a reversal. However, bulls have a challenge to surpass the clusters, leading to a shift in momentum toward the 20-day EMA.
The RSI curve stayed near neutrality, showing a bullish divergence and suggesting follow-on-buying in the subsequent sessions.The MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting a positive outlook for the following sessions.
Summary
IBM stock price action shows signs of a rebound. It is close to the 50-day EMA cluster, which, if surpassed, would show a shift in momentum and will enable the bulls to smash the primary swing of $150 in the following sessions. Furthermore, if it surpasses the trajectory hurdle of $150, it could trap the short positions. After that, a rally can be anticipated toward $160.
Technical Levels
Support Levels: $140 and $135
Resistance Levels: $150 and $160
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/28/ibm-stock-price-prediction-will-ibm-extend-pullback-to-150/