International Business Machines Corp. (IBM) is a leading US-based provider of enterprise IT hardware, software, and services. Since May 2023, the stock has been very strong, seeing relative strength versus the Invesco QQQ Trust (QQQ), notes John Eade, president of Argus Research.
To align with its platform-centric approach, IBM has revised its segment reporting into four major categories: Consulting, Software, Infrastructure, and Global Financing. IBM has seen it all, with big bull markets, bad bear markets, and long periods of nothing.
International Business Machines Corp. (IBM)
The move higher was set up by a huge base that started when the stock peaked at $215 in March 2013. The shares slid until bottoming during the pandemic near $90. IBM completed a base last September when it hit all-time highs. After peaking in October, the stock based again, with support from its 21-week exponential.
Then the shares gapped sharply higher to all-time highs on Jan. 30 with huge volume after the company posted Q4 results, peaking on Feb. 4 at $264. IBM then corrected to its 200-day moving average and bounced to all-time highs.
We would put a stop-loss just below chart support at $242. We would take profits at $290.
