| 2016-10-17 13:10:47|
IBM 13:10 10/17 10/17/16
IBM technical comments ahead of earnings news
The stock on a closing price basis has been marking time in a range since August between $152 at the low and $160 at the high. With price closer to the low of the range, the $152 area would be first support on a negative surprise in earnings or outlook. A breakdown below $150 would confirm a major topping process was underway, with next support at $147.81 and $144.49. If the news is a positive surprise, the current shallow downtrend could be broken with a move above $160, making it first significant resistance. Next resistance to watch above $160 as a potential upside objective would be at $165, the 52-week high.