Intl Business Machine Corp: Will IBM Ascend to $150 Soon?

• Intl Business Machine Corp (NASDAQ:  IBM) price prediction shows that the IBM stock price moves in a range
• IBM stock showed a growth of 4.10% in the last 3 months
• IBM stock made a recovery of 12.37% from its swing low of $120

Intl Business Machine Corp’s (NASDAQ:  IBM) price prediction reveals that the IBM stock price has been trading in a range-bound market for quite some time. The market started declining at the start of 2023 and the price fell 16% to the support level of $120. It was followed by a bullish reversal which started in May 2023, where the price surged 16.10% to the resistance of $138.25, before correcting to its current level

At the time of writing, Intl Business Machine Corp. closed its trading session on Wednesday, 19th July 2023 at $135.48. The market closed with a climb of 0.09% over the prior day.

Can Intl Business Machine Corp Reach the Top End of the Range?

The International Business Machine Corp. stock price prediction reveals that the stock has been following an uptrend since May 2023. The bulls were able to pierce through the resistance of $131.53. The IBM stock price went up to the resistance of $138.25 before getting a correction of 7.28%.

The correction was succeeded by a moderate recovery from the swing low, where the price action has turned sideways. The IBM stock price is getting support from the local support level of $131.53, along with the 200 EMA. The 9, 16, and 200 EMAs have turned flat, suggesting that the market is consolidating with less momentum.

Will the Market Break Resistance?

On the 4-hour chart, the price action suggests that the price has entered a consolidation phase. It can be identified by the flat 9, 5, and 200 EMAs. The IBM stock Price did manage to close above the 200 EMA, which is rather bullish. The price is taking a bounce at the 50% Fibonacci retracement level, which is drawn from the swing low of $120.

Meanwhile, the price is crawling up to make a second attempt to break the resistance level of $138.25. The 9 and 15 EMAs Are slightly pointing upwards. As the price rises, the chance of a breakout of the resistance also rises. If the bulls manage a breakout,the price is more likely to test its lower level, with $145.17 as the closest resistance.

RSI: The RSI indicator is currently at 59.48 on the 4-hour chart. RSI has made a bullish crossover with its MA. It is an indication that the price may move up in the short term.

MACD: MACD has made a bullish crossover. However, the MACD and the signal line are moving very close at the 0 line. This is a signal of sideways momentum and the trend is unclear.

200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a buy signal and it indicates the bears are in control. The 200 EMA acts as a dynamic support and the prices may continue to increase until the price breaks below the indicator.

Conclusion:

International Business Machine Corp.’s (NASDAQ: IBM) price prediction reveals that the IBM stock price has been trading in a range-bound market for quite some time. The market has made a natural bounce from its support in the range and made its way to its resistance. The short-term price action reveals that IBM stock may try to make another attempt to break the resistance. Investors should wait for the breakout to open new positions and constantly follow a risk management strategy to avoid losses.

Technical Levels 

• Support level: $131.53
• Resistance level: $138.27

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.