IBM Message Board - Msg: 3446407

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Technology Stocks : IBM

IBM 309.24

-0.5%

Dec 12 9:30 AM EST

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To: Chris who wrote (2507)	2/16/1998 7:38:00 PM
From: Ben Antanaitis	Read Replies (1) of 8218

Chris, The EZ-PnF chart shows that IBM has been trading 'sideways' since last July (+ or - 8% average price swing around the price from last July). It is trading in a overall bullish trading channel, but has 'run into' the rising bullish support line and has to either start hitting higher highs or it will break through the support line and that portends a bearish trading channel of lower highs. It has just given a buy and sell signal back to back. This is called a 'broadening formation' in the technical jargon of P&F. The future direction could go either way. It is typical, however, that a stock that has been trading above it's bullish support line to rebound upward whenever the price approaches or touches the support line. If some positive news development occurs, or some upgrades occur, the stock is poised to move upward. Just a chart call, not investment advice. Ben A.

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