It's a Story of the Tortoise and the Hare (IBM) 💾
As you can see, International Business Machines 
IBM 💾 has been in a very long period of consolidation. Reasons why this big pennant is incredibly bullish beyond the chart.
1. IBM has everything to prove and the recent earnings beat gives support to this emerging idea of "there's no choice but to succeed".
2. It's been ugly in this bear market, but IBM has consistently resisted action to the downside and remained stalwart throughout volatile price action.
3. There is a parallel channel of support starting back in 2000 that IBM retested and held after succumbing to a 9-year downtrending channel of misery.
4. Again, IBM is sitting above a 20-year range, bounced, and it's toying with the idea of breaking out.
5. If you want a solid dividend with tech exposure, this 4.76% dividend yield is generous.
Don't sit on this trade before a break to the upside occurs and you're buying above 150-160. When Big Blue does breakout to the upside, 250-300 is an easy target into 2023-2024.
PLEASE NOTE: For this trade to work, it is imperative for our friends at Internal Business Machines to produce some headlines and reasons for major Wall Street buyers to step in.
Enjoy!
Zach B.
IBM 💾 has been in a very long period of consolidation. Reasons why this big pennant is incredibly bullish beyond the chart.1. IBM has everything to prove and the recent earnings beat gives support to this emerging idea of "there's no choice but to succeed".
2. It's been ugly in this bear market, but IBM has consistently resisted action to the downside and remained stalwart throughout volatile price action.
3. There is a parallel channel of support starting back in 2000 that IBM retested and held after succumbing to a 9-year downtrending channel of misery.
4. Again, IBM is sitting above a 20-year range, bounced, and it's toying with the idea of breaking out.
5. If you want a solid dividend with tech exposure, this 4.76% dividend yield is generous.
Don't sit on this trade before a break to the upside occurs and you're buying above 150-160. When Big Blue does breakout to the upside, 250-300 is an easy target into 2023-2024.
PLEASE NOTE: For this trade to work, it is imperative for our friends at Internal Business Machines to produce some headlines and reasons for major Wall Street buyers to step in.
Enjoy!
Zach B.
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