About That IBM Trade

Look, I know it’s not like I am talking about some great, undiscovered gem that is going to make anyone rich.  IBM is a large old dinosaur from another era (come to think of it, a good fit for the times, maybe?) trying to reinvent itself as a technology company.  But the chart…

In this after-hours post on Thursday I drew a red candle showing Big Blue’s A/H drop in real time, where I added to the position in the support zone around the pattern’s neckline and the downtrend breakout line, using the weekly chart.

Here’s the daily, with my black candle extension painted in that I guess is just a figment of the market’s imagination, since it never appeared during regular hours.  But we saw it there in real time, didn’t we?  It’s good when these things work out because all too often, they don’t.  As a side note, the daily chart shows that there was a lot of volume on this earnings shakeout.

ibm

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