$IBM coming into support for swing into 2022
Idea: Swing Long $IBM from support levels into next earnings (~3 months).
Rationale: The last two quarters earnings were great for IBM and price increased both times, last year around this time we had a big gap down after earnings , and ran up into the next earnings which had another gap down and then ran up. I anticipate there is seasonally in their revenue recognition and with the gap down this past earnings , I expect price to rebound going into early next year before Q1 earnings . IBM is an establish IT player making big moves in AI and 5G with over 50% institutional ownership. This swing may take a few months but I think the set-up is solid.
Entry: I have an alert set at 124.19, but my buy zone is highlighted in green on the chart and I will add at the white line shown.
Exit: Sell when the gap closes before next earnings (do-not hold into next earnings ).
Good luck!
Rationale: The last two quarters earnings were great for IBM and price increased both times, last year around this time we had a big gap down after earnings , and ran up into the next earnings which had another gap down and then ran up. I anticipate there is seasonally in their revenue recognition and with the gap down this past earnings , I expect price to rebound going into early next year before Q1 earnings . IBM is an establish IT player making big moves in AI and 5G with over 50% institutional ownership. This swing may take a few months but I think the set-up is solid.
Entry: I have an alert set at 124.19, but my buy zone is highlighted in green on the chart and I will add at the white line shown.
Exit: Sell when the gap closes before next earnings (do-not hold into next earnings ).
Good luck!
Ordine annullato:
cancelled idea after the gap down the day after this idea was posted.
"Don't settle for a life less than what you are capable of"
@profitnotiondaily on StockTwits
@profitnotiondaily on StockTwits