Major Breakout in IBM?

02/19/2010 12:55 pm EST

Focus: STOCKS

Thomas Aspray

, Professional Trader & Analyst

chart
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This long-term monthly chart of IBM (updated through Feb. 19) was pointed out to me at the recent New York Trader’s Expo by Oppenheimer’s chief market technician, Carter Worth. The ten-plus-year trading range is impressive and a February monthly close above $131 would complete the trading range, giving upside targets in the $185-210 area. The OBV has already broken out to the upside and is leading prices higher, which is very bullish.

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