Buy On IBM Suitable Following A Positive Q2 Earnings Report
International Business Machines Corp. released its second-quarter earnings report on Monday (18/7) after the market close. The technology company posted and EPS of $2.95 for the past quarter, topping analysts’ consensus estimates of $2.89 by 6 cents. Yet, this represents a 30.2% decrease from the reading of $3.84 EPS for the same quarter last year. The company’s revenue came in at $20.20 billion, beating the forecast of $20.03 billion by 0.85%. The better-than-expected earnings result helped lift IBM’s shares by more than $5.00 after hours.
On the H4 chart, the price is following a strong uptrend after hitting the support at 142.48. RSI (14) has entered overbought territory and currently hovers around 74.7956, indicating that the bullish trend is still overwhelming. The moving average is still staying beneath the price action, consolidating a solid up move. The stock is anticipated to climb further. The next resistance to test is 161.30
Buy stop at 160.48, Take profit at 161.02, Stop loss at 160.08