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[/et_pb_text][et_pb_text _builder_version=”4.12.0″ _module_preset=”default” global_colors_info=”{}”]Alright folks, today we’re taking a look at IBM International Business Machines and is IBM on a discount, I would certainly say it is it has also been subject to the recent volatility, we’re seeing the broader market indices, but actually faring decently considering the broader markets are down roughly 2%. Right now, at IBM down about $1, and a half, or a little, or a little over one and a quarter percent, you see that we have bid shop roughly about 20 22%. From these highs back in October from 145, down to where we are now about the 115 to 120 range. So we’ve identified a couple of key levels here in IBM, I’m gonna drag this over, take a look at the weekly chart here. Take a look at the weekly chart, we are at basically a long term area support or an area of structure here that you can see going back basically here all the way to last year. This is an area that has held for whatever reason, now there is a little bit more of downside below to 100 area. But generally speaking, this has been in a pretty nicely tucked range since spring of last year. So now after coming off of those highs up there at the 145 150 level, we can take a look at an area where we could possibly be pausing. So you see all of this selling pressure selling pressure coming in, then it’s starting to or appears to start drying up even in the midst of this massive sell off we’ve seen over the last few days or so. So we’re now trading into structure appears that some of the selling pressure is drying up, you’ll notice that we also have a small 123 in the making small one to three bottom in the making suggest a leg up from around this 120 area back up to around 127 would be first target. Longer term though, we’d be looking for a gap fill all the way up here at the 140 to 145 level. So what we would be watching for is just a simple trend line break here a simple trend line break off of the daily, which we have already received. We got the trend line break yesterday on the gap or the correction back to the upside pulling back down with the rest of the market today. So we want to see that this trend line holds if this support holds, if so, that’s where we’re comfortable stepping in with a very favorable risk reward we’d simply be risking down here below the 110 area, which is about $7 away. First targets are going to be up here to this 125 130 area and then ultimately we’re looking to take it up to about the 140 to 150 area[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
