A good opportunity to add IBM to your portfolio

The tech giant will publish earnings report today after US market close. Expectations are for 2,34$ EPS as the result from the same period last year is 2,35$. A better than expected data will support the stock price.

Technical analyses:

Uptrend and correction of the last upward movement to 38,2 Fibonacci.

Diagonal and horizontal supports.

DeM reverses below 40 from oversold market – positive signal.

DeM Sequential – reached 8, as the ninth bar from the sequence will give a buy signal.

We should wait a 50% correction of the last bar to minimize risk.

SL 164.00

Alternative scenario: In case of a worse earnings report and increase in the geopolitical tensions, this will have negative impact over stock markets. This will cancel the bullish scenario.

Trader Nikolay Georgiev

 Varchev Traders

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