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Rant & Rave Blog

Swing Trade: I Shorted $IBM. See Why Here...

Posted by Gareth Soloway Tuesday, January 24, 2017, 12:04PM ET

Read 870 times

I pulled the trigger on International Business Machines Corp. (NYSE:IBM), shorting the bloated, overvalued stock at a technical double top level of $175.50. This is a classic technical trade utilizing a three day surge following earnings that were less than stellar. After earnings, IBM fall to as low as $162 before bullish sentiment and greed lifted it back higher, now finally tagging $175.50. The downside target is likely $150.00 in the next few weeks.

 

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