Let me know what you think of this. Today (1/15/04), IBM had a low of $93.55 after starting much higher due to good earnings reports. Looking back on the last 6 months or so, there is a clear level of resistance right around $94.00. Do you think today's bounceback from right around that area means that IBM broke that resistance level and is now using it as support? Or, do you think the timeframe is too short to make that determination? Just curious as to your opinions... Thanks
In my humble estimation the resistance IBM approached today around 96 is probably more important than 94. It looks to me that 88 - 90 is a more important support than 94 and IBM was already above that.