For the second time in three weeks, IBM made the
bearish engulfing scan and confirmed resistance at 129. The stock first hit resistance here in early March. The bearish engulfing has yet to be confirmed as the stock stays range bound the last five days. Watch 127 down and 129 up.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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